GIC Re, the state owned Indian reinsurer, has opened an office at the International Financial Services Centre (IFSC) in GIFT City (Gujarat International Finance Tec-City). GIC Re is the first reinsurer to set up base at IFSC, India's first global financial hub.
Mr Anil Kumar Khachi, Additional Secretary of the Department of Financial Services, Ministry of Finance, inaugurated GIC Re’s IFSC Insurance Office (IIO) last Friday. Speaking on the occasion, Mr Khachi, said: “There is very little customer pull, (but) this will expand with growing financial awareness and increase in savings and disposable incomes. In the long run, the insurance industry is poised for a strong growth as the domestic economy is expected to grow steadily. ”
Mrs Alice G Vaidyan, Chairman-cum-Managing Director of GIC Re, also speaking at the opening ceremony, said: “As part of our expansion plans, we have decided to be a part of the Indian effort in building an offshore financial centre at GIFT City.
“I am sure seeds of a reinsurance hub in this part of the globe are sown here in GIFT City today.”
Speaking to Asia Insurance Review after the inauguration ceremony, Mrs Vaidyan said: “The GIFT City office of GIC Re would function as an overseas branch handling all major functions including underwriting, accounting and claims settlement.”
According to the latest figures available, GIC Re’s net worth was around INR41,500 crore (US$6.4 billion) and total assets INR87,000 crore, as at 31 December 2016. GIC Re registered gross premium of INR24,323 crore for the nine months to 31 December 2016.
GIC Re has branch offices in London, Dubai and Kuala Lumpur and a representative office in Moscow. It has a fully owned subsidiary in South Africa and a reinsurance joint venture in Bhutan.