Covering Risks Of Insurers

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General Insurance Corporation - Reinsurance (GIC Re), India’s only state-owned reinsurance company, is ranked at 10th position amongst the top 40 global reinsurers in a ranking published last month by Standard and Poor’s. It surpassed two global reinsurers - USbased Transatlantic Reinsurance Company and South Korea-based Korean Reinsurance Company, to achieve the 10th position. The ranking was given on the basis of premium booked during FY18.

Earlier, GIC Re was ranked the 12th by S&P. The rise in ranking has come in just two years, under the leadership of Alice Vaidyan, who has been heading GIC Re as Chairmancum-Managing Director since January 2016. Under her guidance, GIC Re has been making rapid strides not only within the country but also globally. This is being further facilitated through the setting up of a syndicate at Lloyd’s of London for garnering global business.

Reinsurance is a process whereby one entity (the reinsurer) takes on all or part of the risk covered under a policy issued by an insurance company in consideration of a premium payment. In other words, it is a form of an insurance cover for insurance companies to help them protect themselves against mega risks as in case of a disaster.