A 20% decrease in reinsurance costs by April 1

According to General Insurance Corporation of India (GIC Re), reinsurance rates have fallen by 20% in India during the renewal of April 1. The reinsurance market remains generally soft because of the low loss experience and the excess of capacity available.

Reinsurers are suffering greatly from this degradation. GIC Re generates 50% of its two billion USD revenues on the local market.
The reinsurer had struggled to maintain its position in India, trying to adopt a portfolio diversification strategy by developing international business. In this respect, the takeover of one of Lloyd’s syndicate is not ruled out.