Magazine date:
Apr 2012 The Indian reinsurers have postponed the finalization of the treaties starting on April 1. The loss experience, higher in 2011 has exerted rising pressure on reinsurance tariffs, which triggered longer negotiations. Reinsurers are also trying to persuade ceding companies to increase their retention deemed too low. As far as this renewal is concerned, the reinsurer GIC, which collects 10% of the legal cession, received instructions from the State, its sole shareholder, not to renew potentially loss-making business, which is likely to harden a little further renewal conditions.