16 May 2014 Alternative Risk Transfer

GIC Re to offer cat bonds

Sole Indian reinsurer General Insurance Corporation (GIC) is actively evaluating the feasibility of issuance of catastrophe bonds which may be floated in a different country.

A spokesperson for the company said it believes that catastrophe bonds will help GIC Re save on its reinsurance cost. The approval process is underway.

Dependent on the nature of the bond instrument, it may be floated in a particular region only and not necessarily India.

“Given the time line required for a project of this nature, it could take months before it can potentially materialise into actual market issuance if it is indeed found feasible for GIC Re,” said a spokesperson.


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More on this story

Insurance
13 September 2023   Rating downgrade hurt but strong relationships supported reinsurer back to better health, says GIC Re’s Ramaswamy Narayanan.
News
4 November 2022   Indian domestic market, and therefore GIC Re, is a relative 'ocean of tranquillity’, says reinsurer's chair Devesh Srivastava.
Insurance
7 March 2022   Am Re Syndicate has sued the Indian reinsurer for breach of payment of no less than $115m.

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