GIC eyes major expansion in the energy sector

By Staff
|
Google Oneindia News

Dubai, Feb 14: General Insurance Corporation of India (GIC Re), a public-sector reinsurance company, is eyeing a significant expansion in reinsuring energy risks following a surge in offshore projects with oil majors searching for crude and gas in global waters, an official said.

GIC Re General Manager R Chandrasekaran said India's new exploration licensing policy has led to foreign investments in exploration and production.

''We intend to reinsurance major projects not just in oil and gas sector but also in aviation, construction and infrastructure in the GCC countries,'' he said.

The company has also opened a branch in Dubai for providing its services to firms engaged in aviation, infrastructure, construction and oil and gas sectors.

Mr Ashok Goenka, ex-chairman of GIC Re said, ''India's only reinsurer, ranked 21st among non-life reinsurers globally on net written premium, has enhanced its presence in the region by setting up a branch at Dubai which will be serving about a dozen economies in the Gulf region.'' The firm had earlier opened branch offices in London and Dubai and is now turning them into full-fledged branches.

The GIC Re net worth amounts to one billion dollars while its assets stood at six billion dollars in 2006.

UNI

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