The insurance price is largely undervalued

On the occasion of a seminar on risk management held in Muscat, the Indian reinsurer GIC has reiterated that the local market conditions are far below the minimum required. The competition being waged between insurance companies is partly responsible for this typically immature market.
The second factor of concern pertains to the small capitalization of the players who failed to retain a significant portion of risks. Reinsurers who accept these low retentions are partially responsible for the current conditions of the market.