Indian reinsurance market: 2019-2020 financial year results

marché indien de la réassuranceThe entirety of companies within the Indian reinsurance market reported a turnover of 637.12 billion INR (8.46 billion USD) at the end of the 2019-2020 financial year, ending 31 March 2020. This is an increase of 16.57% compared to the 546.56 billion INR (7.85 billion USD) recorded during the 2018-2019 financial year.

The General Insurance Corporation of India (GIC Re), the sole local reinsurance company, dominates 80.09% of the market with a turnover of 510.3 billion INR (6.78 billion USD).

The foreign reinsurance branches (FRB) accepted 126.82 billion INR (1.68 billion USD) in premiums at the end of March 2020, representing a market share of 19.91%.

In 2019-2020, GIC Re reported a net loss of 3.59 billion INR (47.72 million USD) against a net profit of 22.24 billion INR (319.67 million USD) as at 31 March 2019.

All foreign reinsurers recorded a net deficit of 11.15 billion INR (148.2 million USD) during the period under review.

As at 31 March 2020, the market counted 10 foreign reinsurance subsidiaries, including Lloyd's.

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