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As govt yields continue to fall, this reinsurer is silently realigning its business strategy
Synopsis
Constantly declining yields on government bonds have made it difficult for the 50-year old reinsurance giant to make profits.
General Insurance Corp of India (GIC Re), the country’s only global reinsurer, is silently realigning its business strategy - not because of the pandemic though. Constantly declining yields on government bonds have made it difficult for the 50-year old reinsurance giant to make profits. “In the 50 years of our existence, we have in all but two years posted a loss – once in 2011 during Thailand floods and now in the first quarter FY21,” Devesh
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