As his company spreads it wings and expands beyond its roots in India, Ashok Kumar Roy, chairman and managing director of GIC Re, discusses the opportunities he sees for both his own firm and for global players targeting India.
The company has backed the creation of a reinsurance hub in India—why do you feel this is needed?
India has immense untapped potential in the area of insurance penetration. To exploit this latent potential we need to give a massive boost to the insurance infrastructure in the country. We need an enormous amount of capital, expertise, better underwriting practices and also technical knowhow. We need a catalyst to kick-start this entire process.
This is happening but it needs to happen on a much larger scale and a much faster pace. This will be accelerated if we are able to get the best of the global insurance industry to come and set up base here. Today, GIC Re is moving beyond the Indian shores and we welcome others here. It will give a boost to the overall growth of the sector.
GIC Re, India, Reinsurance, Ashok Roy, Monte Carlo