30 April 2015 News

GIC Re estimates Nepal quake losses of $50m

Indian reinsurer GIC Re has estimated its losses from the devastating earthquake in Nepal to be less than $50 million.

GIC Re is the largest reinsurer in the country with a gross exposure of around $140 million.

“The geological catastrophe that struck Nepal on the 25th of April 2015 is a human tragedy of huge proportions. We at GIC Re, at this hour of grief and sorrow, stand committed to provide all succour and support to the people of Nepal by all means possible,” said GIC Re.

“Our past experience with such calamities in this part of the globe indicates insured losses to be a very small part of the economic losses. It will take some time for an actual picture to emerge. However, we expect the claims to remain within $50 million in worst case scenario.”

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