GIC Re bags ONGC reinsurance contract
GIC Re has once again won the reinsurance contract of ONGC, entailing reinsurance premium of $12.62 million. GIC Re, the country's largest and only national reinsurer, is entitled to a 5 per cent share in any reinsurance contract. This contract was won after going through an international bidding process as mega risks cannot be fully absorbed in the domestic market alone. As the lead reinsurer, GIC Re will take up 15 per cent of ONGC's reinsurance cover, while the remaining part of the reinsurance cover will be serviced by a number of international reinsurers.