In a major achievement, state run listed reinsurer, GIC Re has emerged as the 10th largest global reinsurer in the latest global ranking -2017- exercise by the international rating agency Standard & Poor’s.
S&P takes into account the net premium of a reinsurer, written in the previous year, in its ranking exercise and Munich Re, Swiss Re and Warren Buffet’s Berkshier Hathway Re are the top three global reinsurers in the latest rankings.
According to the S&P ranking exercise, GIC Re, on way its way up from 12th position, has dislodged other major Asian reinsurers like Korea Re and Japanese major MS &AD insurance Group Holding and is now the second Asian reinsurer only after China Re,the 7th largest global reinsurer, to be a part of the top10 league of global reinsurers.
Another list prepared by the international rating agency AM Best, with an exclusive focus on re/insurers ratings and takes into account the gross premium for its global ranking ,has placed GIC Re at the 11th position.
However ,the the gross premium of the Korea Re,the 10th largest global reinsurer in the AM Best list, is currently a subject matter of dispute as there are different figures about its gross premium during 2017 have been published and in some places the gross premium figure of the South Korean major is less than that of GIC Re.
Both the rating agencies have released their annual ranking list at the annual ` Monte Carlo Rendezvous ‘ being held in Monte Carlo during Sept 8-13.
GIC Re has grown very strongly since 2016-17, owing to the country’s government-sponsored crop insurance programme and other business portfolios.
“We are indeed elated to be the top ten league of the world’s largest reinsurer.And it will be a constant endeavour at GIC Re to maintain our dominant market share in the Indian market while scaling up further on the global rankings,’’ said Alice Vaidyan, Chairman & Managing Director, GIC Re.
Vaidyan further said “When I began my term as the CMD of GIC Re, I had two goals for us- to be a Top 10 Global Reinsurer and to deliver consistent underwriting profit. And I am proud to say that GIC has been ranked as the 10th largest Reinsurer in the latest S&P rankings. I realize that it is not enough to be a `Top 10 Reinsurer’ only on the metric of size but to deliver value to our clients, shareholders and business partners.’’
“Syndicate 1947 , is a key part of that plan, having a presence in the global hub for specialist insurance and reinsurance that is Lloyd’s, will help us grow our expertise and product offerings,’’added Vaidyan.
This is the second consecutive year,the national reinsure, that got listed during the last year, has improved its global ranking. In 2017 list, GIC Re had climbed up from 14th to 12th position among the top 25 reinsurers in the world in boththe ranking lists of S&P and AM Best.