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General Insurance Corporation (GIC Re), the sole domestic re-insurer, has reported a turnaround with a profit of Rs 2,832 crore in the fiscal ended March 2013.
For the previous year 2011-2012, GIC Re had posted a massive loss of Rs 2,490 crore due to a series of catastrophic events abroad.
In FY13, the re-insurer saw a 10 per cent increase in the underwriting of gross global premiums to Rs 15,086 crore as against Rs 13,618 crore during the previous year.
Exposure trimmed
“The last year has been very good for re-insurers globally with no major catastrophes, except Hurricane Sandy.
“Also, we have trimmed our exposure in loss-making portfolios to focus on profitability,” said Ashok Kumar Roy, Chairman and Managing Director, GIC Re.
The re-insurer is currently evaluating various options to become a part of Lloyd’s, London, to promote its business growth and gain access to more than 200 countries.
Lloyd’s is the world's leading insurance syndicate, where multiple financial backers, known as underwriters, or members, both individuals and corporations, come together to pool and spread risk.
“We need to be a part of Lloyd’s. There are many options available and currently we are evaluating it,” said Roy.
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