The license of ITI Re cancelled

The Insurance Regulatory and Development Authority of India (IRDAI) has withdrawn the license granted three years before to ITI Re, the first Indian private reinsurer. According to the market regulator, this decision is accounted for by the inability of ITI Re to start its activities within the set deadlines.

Created in December 2016, ITI Re had a period of two years to begin its underwritings.

GIC Re remains, therefore, the only Indian reinsurance company. The market however counts several foreign reinsurers operating from locally created structures. This is the case of Munich Re, Swiss Re, Hannover Re, Scor and RGA.