GIC announces tightening terms and conditions at the next renewal

General Insurance of India (GIC) asked the local insurers to expect stiffer terms and conditions in the future treaty renewal due to take place in April. This change is triggered by the natural events that have affected the country.

Insurers have estimated the losses associated with these catastrophes at 651 million USD, with GIC’s shares in these events amounting to 25% at 30%.