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GIC Re, India's state-owned reinsurer is looking to double its business volumes in the next three years, a senior official said.
“The aim is to double the revenue from premiums to $5 billion from the present $2.5 billion, by expanding the reach to growing economies”, Alice G.Vaidyan, Chairman-cum-Managing Director, GIC Re said.
The insurance business has maximum potential in emerging economies especially in BRICS nations with a growth rate of more than 10-15 per cent vis-a-vis the saturated markets in the West, where the growth was less than one per cent, she told Business Line during an exclusive interaction. She said that there would be a greater focus on CIS and Latin America also.
Vaidyan, who was here for the Women Leadership Conclave organised by Kerala Management Association, said that the company is looking at both organic and inorganic growth by acquisitions and overseas expansion. It has already opened offices in London, Dubai, Malaysia, Moscow and South Africa and is in the process of setting up one in Brazil shortly. Going forward, China and the US will be in the company’s radar in the next two years.
“Today, GIC Re has 14{+t}{+h} rank internationally in insurance business and I want to take it among top 10. We have an inherent strength of a PSU as a stable reinsurer compared to private players”, Vaidyan added.
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