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L.N. Revathy

The industry has done well despite setback

Coimbatore , May 29

The reinsurance market, according to insurance broking house India Insure, is a highly evolved one. While the top 10 re-insurers dominate, there are hundreds of smaller players operating in various niche markets across the world.

General Insurance Corporation is the only reinsurance player in India. There are, however, more than 225 brokers in India of which only 31 are said to be in the reinsurance business as well.

The Managing Director of India Insure, Mr V. Ramakrishna, in his company's newsletter `inotes' said that the business of reinsurance would require hands-on experience and expertise. The market, estimated at over Rs 3,000 crore in 2004, is registering a consistent growth. After the liberalisation of the sector, a number of foreign brokers as well as international re-insurers have started eyeing this space.

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