The other members of the committee are- T. L. Alamelu,former, member, IRDAI, Praveen Vashishta,former CEO & MD at Howden Insurance Brokers India, Roopam Asthana,former CEO at Liberty General Insurance
Hyderabad:The Indian insurance regulator IRDAI has reconstituted its Reinsurance Advisory Committee (RAC) under the chairmanship of A. V. Giri Kumar,Former CMD at the Oriental Insurance.
The other members of the committee are T. L. Alamelu,former, mmber, IRDAI, Praveen Vashishta,former CEO & MD at Howden Insurance Brokers India, Roopam Asthana,former CEO at Liberty General Insurance,
The committee has been constituted with immediate effect and the tenure of the committee will be for a period of three years.
The committee is constituted with immediate effect and its tenure shall be for a period of three years.
The committee advises the IRDAI) on developing regulations, policies, and frameworks for the reinsurance sector to ensure stability, growth, and proper risk management. It focuses on strengthening the reinsurance market structure, improving technical competence, and facilitating orderly development in India’s insurance industry.
The Indian reinsurance market reached a size of ₹1,12,305 crore ($13.3 billion) in the fiscal year 2024–25, exhibiting an 11% year-on-year growth. Driven by regulatory reforms, this market is projected to expand further, with Foreign Reinsurer Branches (FRBs) increasing their market share, while state-owned GIC Re remains the leading player.
Good development.
Should be helpful in orderly market growth, compliance and consumer protection.
15% of the direct business of each insurance companies should be ceded among the direct insurers in India (criss cross – yours’ is ours and mine is yours) in specified proportions to increase retention of RI business in India itself with a great cushion effect of the insured losses.
The Treaty RI companies should also have a say in controlling underwriting quality and boosting claims management efficiency in order to have uniform business practices across the country.