GIC Re is planning an increase of its turnover. The Indian national reinsurer is intent on achieving this objective by developing in new geographical areas and by increasing its capacities in some classes of business. GIC Re’s subsidiaries in Dubai, Kuala Lumpur and London are set to attract more business with higher profitability.
In India, the group is bracing itself for upcoming competition from foreign reinsurers and from Lloyd’s which is planning on getting established in the country. The Indian authorities are on the brink of authorizing non-Indian reinsurers to open local subsidiaries. GIC Re is expecting a turnover of nearly 165 billion INR (2.49 billion USD) for the 2015/2016 year, compared to 151.8 billion INR (2.38 billion USD) in 2014/2015.