GIC Re bags ONGC rein­sur­ance con­tract

India Business Journal - - NEWS ROUND-UP -

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.

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