Globally, GIC Re, which is pruning its premium base by shedding its loss making business to be profitable, is the 14th largest international reinsurer in 2022. It was the 11th largest global reinsurer in 2021
“We would prefer to be one of the largest profitable reinsurers in the world,” said Devesh Srivastava, CMD, GIC Re
Hong Kong:
India’s largest reinsurer GIC Re has retained its position as the third largest Asian reinsurer after China Re and Japan’s Sompo Holdings Inc, according to prominent international rating agency S&P’s(Standard & Poor’s) list of top 40 global reinsurers in 2022.
Japan’s MS&AD Insurance Group Holdings (fourth largest Asian reinsurer) Korea Re(fifth largest Asian reinsurer) are the other two Asian reinsurers which have figured in the S&P’s top 20 list of global reinsurers, published last week.
Globally, GIC Re, which is pruning its premium base by shedding its loss making business to be profitable, is the 14th largest international reinsurer in 2022. It was the 11th largest global reinsurer in the S&P’s 2021 list.
GIC Re’s global premium has declined from $5.84 billion in 2020 to $5.34 billion in 2021, according to S&P.
“We would prefer to be one of the largest profitable reinsurers in the world,” said Devesh Srivastava, CMD, GIC Re.
In the past few years, GIC Re suffered huge underwriting losses in the wake of catastrophic events(CAT Events). This had led to hit the balance sheet hard and ate away the investment income. After actualising the situation GIC Re has restructured different segments and curtailed few businesses which generate losses,” said Srivastava.
“Restructuring is underway in terms of business portfolio composition and achieving pricing adequacy at contract level. This has involved process changes across the organization. The measures so far have focused on property and agri. This renewal, we have also touched upon other classes,” he added.
China Re, with a global premium of $16.22 billion in 2021($15.44 billion in 2020), is the sixth largest global reinsurer, according to the latest S&P’s list of top global reinsurers.
In S&P’s list of top 40 global reinsurers in 2022, Munich Re remains the world’s biggest reinsurer as it totaled $44.50 billion of reinsurance premium in 2021, up from $42.93 billion in 2020.
Swiss Re AG was at the second in the global list after its reinsurance premiums rose to $ 43.22 billion in 2021 from $39.82 billion in 2020.
S&P takes into account the net premium earned by global reinsurers to prepare its global ranking chart.
For the 2022 edition of Global Reinsurance Highlights, S&P Global Ratings has sought data on 152 reinsurance organizations from 32 countries. The data is based on survey responses from reinsurance organizations worldwide.