Mumbai: general Insurance Corporation (gic ray) is planning to upgrade its branch to the International Finance Center Gift City, Ahmedabad in a subsidiary company. The corporation had recently decided to shut down its Dubai office and move its Middle East and Africa operations out of Gujarat International Finance Tec-City (GIFT City).
“We are planning to convert our branch into a subsidiary which will handle all the international business of the corporation. Benefit of being a subsidiary company apart from tax benefits Gift The city is that it will also be able to do direct insurance business,” said Devesh Srivastava, CMD, GIC Re. He added that most of the policies issued at the Dubai branch are being renewed in GIFT City.
The corporation reported a net profit of Rs 1,795 crore for the quarter ended March 2022, up 42% from Rs 1,260 crore in the year-ago period. As an Indian reinsurer, GIC Re can provide assistance to corporates only by indirectly supporting insurance companies. Norms for international finance centres, which are special economic zones for the export of financial services, allow for comprehensive insurance and Insurance The license means that a subsidiary of GIC Re can provide insurance companies directly to global airlines or energy companies. GIC Re also has a subsidiary in Russia that caters to the markets of the former Soviet Union, which is currently slow in business due to war and sanctions.
Srivastava said the corporation’s share in international business has come down after its decision to underwrite crop insurance in India. Now the corporation was looking to increase its share in international trade.
On its plans for growth, Srivastava said that GIC Re was looking to improve margins by revamping the pricing of certain covers, where rates had come down drastically. “We are also seeing reinsurance support for specialty retail insurance products such as small ticket cyber reinsurance, for which demand is growing.”
“We are planning to convert our branch into a subsidiary which will handle all the international business of the corporation. Benefit of being a subsidiary company apart from tax benefits Gift The city is that it will also be able to do direct insurance business,” said Devesh Srivastava, CMD, GIC Re. He added that most of the policies issued at the Dubai branch are being renewed in GIFT City.
The corporation reported a net profit of Rs 1,795 crore for the quarter ended March 2022, up 42% from Rs 1,260 crore in the year-ago period. As an Indian reinsurer, GIC Re can provide assistance to corporates only by indirectly supporting insurance companies. Norms for international finance centres, which are special economic zones for the export of financial services, allow for comprehensive insurance and Insurance The license means that a subsidiary of GIC Re can provide insurance companies directly to global airlines or energy companies. GIC Re also has a subsidiary in Russia that caters to the markets of the former Soviet Union, which is currently slow in business due to war and sanctions.
Srivastava said the corporation’s share in international business has come down after its decision to underwrite crop insurance in India. Now the corporation was looking to increase its share in international trade.
On its plans for growth, Srivastava said that GIC Re was looking to improve margins by revamping the pricing of certain covers, where rates had come down drastically. “We are also seeing reinsurance support for specialty retail insurance products such as small ticket cyber reinsurance, for which demand is growing.”