India - Life reinsurance pie to get bigger
Tuesday, 07 05 2016, Category: Insurance and Reinsurance, Country: India
Reinsurance space in the life insurance industry is set to see more action in the near future with more number of players looking to capture this space. The sole domestic reinsurer General Insurance Corporation of India (GIC Re) is looking to focus on this space from this financial year. Further, foreign reinsurers are also looking to make it big in this segment.
Alice G Vaidyan, chairman and managing director, GIC Re, said that from this year onwards, they will focus on life insurance business in India. At present, they have a higher focus on general insurance.
Currently, the reinsurance market is Rs 18,000 crore in India, of which life insurance only contributes Rs 1,200 crore-1,300 crore.
Source: Business Standard