GIC targets US$ 500 million premium income in 2007

Kolkata, May 03 (UNI) Reinsuring organisation General Insurance Corporation of India (GIC) is aiming at contracts which would yield US$ 500 million premium income from international operations by 2007.

GIC General Manager R Chandrasekaran told reporters that the company is expected generate US$ 350 million premium income from contracts entered into internationally in 2005-06.

GIC is expecting the ratio of premium income from international operations to increase in near future, Mr Chandrasekaran said.

He said GIC is exploring possibilities of opening a representative office in Kenya (Africa). The company presently has representative offices in London, Dubai and Moscow.

Mr Chandrasekaran said a committee has been set up by General Insurance Council representated by chief executives of insurance companies to look into the merits and demerits of setting up a natural catastrophy pool after the success of the terrorism pool.

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