General Insurance Corporation Of India GIC Re

The obligatory cession was reduced from 5 per cent to 4 per cent in FY23. The regulator has been reducing the obligatory cession over time

Seeks to revise order of preference while placing reinsurance business

While it will be called the fertiliser pool with a corpus of Rs 500 crore, it can be used to cover the risks of oil and gas imports too

Currently, India has one domestic reinsurance company, the state-owned General Insurance Corporation (GIC Re)

The General Insurance Corporation of India (GIC Re) closed last year with a higher after tax profit and gross premium income

Most large floats by the government have failed to create long-term wealth for investors

The position of CMD of New India has been lying vacant since former chairman Atul Sahai retired on February 28

Government shareholding and preferential regulation have skewed the reinsurer's efficiency and, by extension, that of the non-life insurance industry's too

GIC Re is the largest reinsurer in the domestic reinsurance market in India and leads most of the domestic companies' treaty programmes and facultative placements

The three are seen as key players to deal with systemic risks and moral hazard issues, have been told to raise corporate governance levels and promote a sound risk management culture

Its investment income for the reporting quarter dropped 18.5 per cent to Rs 1,142.83 crore in Q1FY21, compared to Rs 1,401.90 crore in the same period last financial year

Combined Ratio of the reinsurer for FY20 stood at 114 per cent compared to 106 per cent in FY19

In a Q&A, Devesh Srivastava, the CMD of India's largest reinsurer, also dwells on the moves made to cu losses in the crop segment and Covid-19 impact on his firm, among other things

Despite being the largest player in the domestic reinsurance industry, weak fundamentals cap the stock's appeal

Bringing down combined ratio to below 100 a tough task

His name was recommended by Banks Board Bureau in August this year

GIC filed a settlement application with the regulator "without admitting or denying the findings of fact and conclusions of law, proposing to settle the defaults" and remitted the settlement amount

On the BSE, the stock hit a low of Rs 321 in intra-day trade, its lowest level since listing on the bourses on October 25, 2017.