GIC Re to slash share of overseas property risk

REINSURER GIC RE plans to increase its focus on casualty and specialty lines while reducing its reliance on property and catastrophe business overseas amid rising climate-related losses, Chairman Hitesh Joshi said.

- ASHWIN MANIKANDAN

Climate change is reshaping global risk patterns, Joshi said, pointing to floods in traditionally low-risk regions such as South Africa and Dubai, as well as increasingly severe hurricanes, typhoons and cyclones.

The shift comes as reinsurers worldwide grapple with rising losses from climate-linked disasters, prompting many to reassess their exposure to property and catastrophe risks.