India – On the way to emerge as a potential Reinsurance Hub

Reinsurance has always been a crucial domain in the insurance sector that needs global support in terms of functioning. Considering the number of disasters India has encountered of late, adequate financial support is required in managing the volume of risks. Recent amendments in insurance bill increasing the percentage of FDI and allowing foreign reinsurers to open branches in India will be enhancing growth in reinsurance business to a huge extent, unlocking the potential of this country to emerge as a potential reinsurance hub in the international platform.

History of reinsurance

The Italian word ‘rasichurare’ (which literally means ‘to insure again an insured risk’) appeared for the first time in a document from Florence in the fifteenth century. That document was a part of the contract papers for shipment of wool worth 200 gold florins from Southampton to Porto Pisano. In fifteenth and sixteenth centuries, coinsurance practice was much in use in maritime trades. Reinsurance appeared formally in the seventeenth century when the insurers first felt the need of setting up capital reserves in order to comply with solvency margin norms. First formal reinsurance contract dates back to 1813 between Eagle Fire Insurance Company of New York and Union Insurance. Reinsurance Company Limited was the first sole reinsurance company in the world set up in England in 1867, but it became dysfunctional after a short span of time. In 1907, Mercantile and General Insurance Company was set up in England and with the creation of this, British reinsurance grew to such an extent that it became a globally recognized market.

Reinsurance in India:

(i) Reinsurance in India Before Nationalization:-
In India, the period from 1951 onwards was marked by a rapid growth of insurance business. This was because of large-scale economic development in the country during the period. The increased insurance business required the reinsurance protection. At that time reinsurance was arranged from the foreign markets mainly British and Continental. In 1956, Indian Reinsurance Corporation, a professional reinsurance company was formed by general insurers operating in India and it started receiving voluntary quota share cessions from member companies. In 1961, the government made it completely statute on the part of every insurer to cede 20% in Fire and Marine Cargo, 10% in Marine Hull and Miscellaneous insurance and 5% in Credit and Solvency business to approved Indian reinsurers, namely Indian Reinsurance Corporation and Indian Guarantee and General Company. The mentioned percentages were used to be allocated equally between the two reinsurers. Thus, the reinsurance market was further strengthened by the addition of second professional reinsurers. In 1966, Indian Insurance Companies Association initiated the formation of Reinsurance Pools in Fire and Hull departments to increase the retained earned premium in the country.

(ii) Reinsurance in India at the Time of Nationalization and After:-
At the time of Nationalization of general insurance business in 1971, there were 63 domestic insurers and 44 foreign insurers operating in the country and each company had its own reinsurance agreements. In 1973, these companies were reconstituted into four companies: National Insurance Company Limited; New India Assurance Company Limited; Oriental Insurance Company Limited; United India Insurance Company Limited. These four companies were thus left to operate in the country as subsidiaries of a holding company known as General Insurance Corporation of India (GIC) as per General Insurance Business Nationalization Act (GIBNA), 1972. After nationalization, in 2000, GIC was notified as India’s sole reinsurer in the domestic market. In 2002, General Insurance Business Nationalization Amendment Act replaced earlier GIBNA, 1972. Subsequently, four subsidiaries got delinked from GIC and in March 2003, GIC officially became “GIC Re”. After that, the outward reinsurance agreements of the Indian insurance companies were rearranged to maximize domestic retention. From 1st April 2003, it was mandated by law that each and every insurer in India has to mandatorily cede every risk’s 5% to GIC Re.

(iii) Reinsurance After Liberalization:-
As a part of the process of liberalization of the insurance industry in India, the Indian Regulatory and Development of India (IRDA) was given the authority of regulating and controlling the conduct of insurance business in India. IRDA frames rules and regulations for various aspects of the Insurance business including reinsurance. Each insurer in India is free to structure his annual reinsurance program in compliance with regulation and solvency requirement. The program needs to be approved by the IRDA. Besides having GIC Re as the only reinsurer in India, as Indian government had restricted the direct entry of foreign reinsurers, some of the companies were working by having joint venture like Munich Re, Swiss Re, Insurance group of America, Buffett’s Berkshire Hathaway through an agent with Bajaj Allianz to India (Berkshire stopped broking biz in 2013). GIC Re has diversified its operations and is now emerging as an important Re-Insurer in SAARC countries, Southeast Asia, Middle East and Africa, Europe and America. GIC Re has also expanded its international operations through branches in London, Moscow, Dubai and Kuala Lumpur. GIC Re ranks as the 14th largest Re insurer and 5th largest Aviation Re insurer in the world (Standard & Poor). GIC Re actively participates in “SAARC Insurance Regulator Forum” and offers technical support and advices to its activities.

Total performance of GIC Re business and comparison of the various segments of reinsurance have been studied along with the analysis of the Total Earned Premium (Net) and Total Incurred Claims (Net) of last five years (2010 – 15) are analyzed below. It is evident from the trend shown by the statistics that Fire, motor and health lines of business contributed to both maximum earned premium and maximum incurred claims.

Reinsurance Data-1

Comparison of Earned Premium (Net) of GIC Re in Different Segments of Reinsurance for the Period 2010-2015 (Source: GIC Annual Reports for the respective Financial Years)

Reinsurance Data-1-1

Reinsurance Data-2

Comparison of Incurred Claims (Net) of GIC Re in Different Segments of Reinsurance for the Period 2010-2015 (Source: GIC Annual Reports for the respective Financial Years)

Reinsurance Data-2-1

 

If last five years’ net premium and net claims (paid) are compared, then it shows an upward trend in both the parameters. Care should be taken to sustain uninterrupted trend in premium growth.

Reinsurance Data-3

Net Premium and Net Claims (Paid) of GIC Re for the Period 2010-2015 (Source: GIC Annual Reports for the respective Financial Years)

Reinsurance Data-3-1

Inadequate insurance penetration and the large volume of risks India faces:

At present, non-life insurance penetration in India is under 0.08% of GDP which is low if compared with markets such as Malaysia (1.7%) and Singapore (1.6%). So unless India enlarges its insurance industry and integrates more fully with the mature global markets, insurance penetration will not increase to a standard level.

According to EM-DAT (International Disaster Database) data, in past ten years between 2005 and 2015, India experienced 356 events which killed nearly 47,670 people. The consequences of these events have added plight to the economic backbone. According to a Lloyd’s study on the risk landscape, the total amount that India has lost due to catastrophic events over last thirty years will be the same amount that a single city like Mumbai stands to lose in the next ten years if mitigation measures to address the risks are not taken. Moreover, the types of risks that India is exposed to are also changing – while natural catastrophes such as flood and earthquake remain two of the top risks, man-made threats like terrorism are also growing in prominence.

Inter alia, growing urbanization in India is leading to enormous concentrations of property values. With higher population density and concentration of assets, the country is becoming more prone to health hazards (World Health Organization reported that thirteen of G20’s most polluted cities are located in India) as well as more vulnerable to large losses after any disaster.

Lloyd’s research estimates that India has an annualised premium gap of under US $20 billion and more than 80% of it is due to the fact that natural catastrophe losses remain uninsured or under-insured. So, while insurance penetration rates remain low, the burden falls on government and taxpayers to fill the gap. This will become unsustainable as the costs of natural catastrophes increase in future. Research shows that a 1% rise in insurance penetration results to a 13% reduction in uninsured losses, a 22% reduction in the taxpayers’ contribution following a disaster and increased investment equivalent to of 2% of national GDP.

The increasing severity and frequency of natural catastrophes are driving up the cost of disaster relief and reconstruction. The resilience of a nation not only depends on the severity of the catastrophic event but also on available funding for relief, recovery and reconstruction. Though local and national government, emergency services, engineers and the construction industry, volunteer agencies and charities that support both victims and responders – all work together to mitigate the impact of the natural disasters, the need for the international reinsurance sector is valued most immensely in funding assistance towards disaster relief.

New Insurance Bill 2015 promising enhancement of reinsurance business in India:

(i) As per new Insurance Bill that passed on 12th March 2015 (effective from 1st January 2016), the cap of foreign direct investment has been increased from 26% to 49%.  Hence, the insurance companies in India will now get the level playing field. The industry which was suffering from capital crunch for quite some time will now find some boon by this positive move. India is the second largest populated country with more population more than 125 crores. Hence, India has the requirement of insurance more than any other country in the world. So it actually indicates towards the scope of more insurance inputs in the country. The increase in FDI cap also means there is a high likelihood of domestic players to sell stakes to foreign partners. Also, this move is expected to push foreign companies, who are at present in joint ventures in India, to increase their investments (These include companies like: Nippon Life of Japan, BUPA of Britain and Metlife of the US etc.)

(ii) The extra capital inflow of 49 % FDI can be used to fund the infrastructural need of the country which is very much required and it can be considered as one of the vital catalysts to bring in major economic reforms. This capital inflow is expected to go from INR 10,000 crores to INR 40,000 crores in near future. This considerable hike in the FDI limit will bring remarkable relief to the insurance industry as the private sector insurance companies have been suffering from reasonable losses.

(iii) Foreign companies are permitted to open branches to write reinsurance business in India. Although few large reinsurance companies’ offices are already present in India, but most of them (including Munich Re, Swiss Re and Hannover Re) operate as service companies in India. Some like Scor Re operate through representative offices. The new Insurance Bill has not specified any capital requirement for these companies to open branches in India; the only requirement is that parent reinsurance companies should have a net worth of INR 5,000 crores. After this new bill, IRDA will formulate norms to regulate companies that open branches in the country. So far none of the global majors has set up a joint venture in India, but now reinsurance segment is expected to deepen with the coming in of global giants (eg: Berkshire Hathaway) who are willing to set up joint ventures in India.

(iv) Lloyd’s is permitted to access the Indian market as the branch of a foreign reinsurer. To facilitate the entry of Lloyd’s of London covered under the Lloyd’s Act 1871 of the United Kingdom, the Bill amends the definition of “foreign company” which would now include a company or body established under a law of any country outside India and includes Lloyd’s of London established under the Lloyd’s Act 1871 or any of its members.

(v) According to a recent McKinsey report for the Confederation of Indian Industry (CII), the market size of the insurance sector currently stands at US $60 billion approx. This is expected to quadruple over the next ten years (till 2025) to the US $250 billion approx. If that happens, it will not only denote greater capital infusion but also, it will facilitate greater insurance penetration among the masses and that will subsequently create a greater number of jobs within the sector.

The rationale for making India a reinsurance hub:

Geographically, India has the ideal location at the heart of South Asia and its close proximity to the Middle East region, South East Asia and Chinese markets, can offer it the role of a reinsurance hub for the region. Economically, India maintains its global position at 3rd in terms of Purchasing Power Parity (PPP), following China and the US (Source: World Bank data). In order to sustain economic reforms and to establish itself on the global platform, India must grow its insurance industry and integrate it with the international counterpart. India’s economic growth will be jeopardized unless the extraordinary risks (mainly the risks from natural catastrophes) are mitigated. Reinsurance is conducted as a B2B (business-to-business) cross-border transaction. Since reinsurance transfers risk from insurers to reinsurers, it reduces volatility by pooling and diversifying risks across diverse markets. Indian government should include financial risk transfer as a part of comprehensive-country-risk-management-strategy to protect society from the financial costs of catastrophic events. This strategy needs a push from the Regulator (IRDA) too for its successful implementation. Major international financial centres such as London, New York, Singapore and Hong Kong have evolved into well-developed international reinsurance hubs. Dubai and Shanghai are also developing fast into regional hubs. India just needs to create a strong financial platform so that it can attract the best of reinsurance companies to come and set up operations in India.


Steps to take up in developing India as a reinsurance hub:

(i) Currently, there are myriads of laws/ primary legislations in India, which impinge on the insurance industry involving a number of Central Government Ministries and departments with their own motivations. The objectives need to be aligned and amalgamated into “one” overarching primary level insurance legislation.

 (ii) Diversification of risk is the fundamental function through which reinsurers create value providing protection to the cedant. This is achieved by underwriting a mixture of business that is exposed to different risk factors. For international diversification to work, reinsurers also need the ability to invest their premium income internationally. Restriction on the free flow of capital for reinsurers curtails their ability to move funds to cover major events. Deposit/ collateral requirements which compel reinsurers to maintain specific funds within the country to cover their liabilities to ceding companies are examples of such restrictions. To govern the regulation aspects of foreign reinsurer branches in India, consideration is required on the International Association of Insurance Supervisors’ (IAIS) Insurance Core Principles (ICP), Standards and Guidance. The IAIS’ ICP-13 sets out principles for the indirect supervision of reinsurance and is usually termed as the “Cedant Responsibility Model”. According to this model, instead of imposing retention limits on insurance, the regulator should focus its attention on ensuring that the ceding insurer has adopted a prudent approach in purchasing enough reinsurance to disperse risks internationally. The cedant should be left to judge whether the risk profile (considering the experience, expertise and solvency position) of all the reinsurers to which it cedes is acceptable and in line with its operating strategy.

(iii) There is a need for a calibrated shift from a rule-based regulatory frame work to a prudential approach with focused interventions to elicit a robust market response. Regulatory regime should embody minimum regulation and maximum supervision. The framework to govern prudential regulation should not be addressed in primary legislation. IRDA should be conferred with powers to draft and implement such regulations. Setting down detailed requirements in primary legislation restricts the ability to modify regulations effectively. In contrast, granting IRDA the authority to draft and set the prudential regulatory framework would enable it to amend the rules with changing circumstances.

(iv) Financial risk transfer should be a part of comprehensive country risk management strategy. “Public-private partnership” has an important role to play in enabling risk transfer and in managing disaster expenses to a great extent. The government and the regulator have the power to set the rules and regulations that can enable the insurance market to absorb large losses. These include expanding the availability of risk transfer solutions to individuals and corporations by introducing compulsory insurance schemes to create a sufficiently large ‘risk community’. Therefore, a robust insurance market in India will afford to supply side mechanisms – the ‘haves’ pay for it and the ‘have not get supported by the government. A broad range of natural perils (flood, typhoon, windstorm, earthquake etc.) can be addressed with innovative risk transfer instruments (swaps, derivatives and other insurance linked schemes). Internationally, most governments still rely on ex-post (after the event) financing, but the experts in disaster risk management agree that ex-ante (before the event) measures have substantial advantages since they allow governments to deliver immediate relief to the victims of large-scale disasters without creating a significant burden for public finances. No one particular solution works in all disaster circumstances. The right mix of instruments, ranging from parametric covers to traditional insurance policies and pools – is crucial. Reinsurers develop innovative risk-transfer solutions involving multiple partners, including governments, international financial institutions, semi-governmental agencies and NGOs. For eg: Swiss Re delivers such solutions one of which is the Caribbean Catastrophe Risk Insurance Facility (CCRIF). It encompasses 16 nations including Haiti, the Turkish earthquake pool for residential dwellings, weather derivative covering in Malawi for drought-related shortfalls in maize production and funding for immediate relief efforts after earthquake events in Mexico. India should also approach towards such innovative insurance solutions which enable the government to access funds and deploy them quickly when a disaster strikes.

(v) For the better spread, uniform reinsurance regulatory framework should be created for branches, including the Special Economic Zones (SEZ). In April 2015, IRDA released the First Exposure Draft on branch offices of foreign reinsurers (excluding Lloyd’s) regulations. In terms of eligibility criteria, this draft requires the reinsurers to obtain prior approval and in-principle clearance from their home regulator, minimum net owned funds of INR 50 billion, a stable credit rating for last five years from any international credit rating agency, infusion of a minimum assigned capital of INR 500 million (now proposed as INR 1 billion) and proven experience in reinsurance market for at least ten years. This draft also proposed Indian insurers to follow a specific priority in offering their reinsurance business – the first opportunity should be given to Indian reinsurers to participate in their surplus treaties and facultative business; second, third and last opportunities should be given to foreign reinsurers’ branches/ Lloyd’s Indian office, to foreign reinsurers’ offices in SEZs and to overseas non-admitted foreign reinsurers respectively. In May 2015, IRDA released the Second Exposure Draft that introduced two categories for branch registration – ‘Category I’ branches having order of preference similar to Indian reinsurers which need to retain at least 50% of their Indian insurance business and ‘Category II’ branches having lower order of preference and minimum 30% of retention. Apart from these two exposure drafts, in April 2015, IRDA issued “IFSC (International Financial Service Centre) Guidelines 2015” that states foreign reinsurers desiring to carry out business in SEZs can register their IFSC Insurance Offices (IIOs) to accept reinsurance business within SEZs and from outside India (with Double Taxation Avoidance Agreement). IIOs will be additionally permitted to retrocede up to 90% of their business to mainland Indian insurers.

(vi) There is an urgent need for development of effective risk-based capital and solvency norms to encourage sustained non-inflationary economic growth and to develop a progressive global reinsurance hub in India. As set out in the International Association of Insurance Supervisors (IAIS) Core Principles, the legal framework to govern the prudential regulation of foreign reinsurer branches should focus on the ability of the ceding insurer to demonstrate that it understands and can manage its cession risks, gaining comfort around the regulatory controls in place over reinsurer branches. This so-called responsibility model is the central idea of the European Union’s Solvency II directive.

(vii) Currently, non-life insurance industry in India is facing a challenge in the quality of the data base that needs much improvement and standardization. It will encourage sharing of data across industry. The real time analysis of risk accumulations and exposures is a desirable goal. India needs to be intensively modelled for all NAT-CAT perils, but good quality data is required on which NAT-CAT modelling tools like RMS/ AIR worldwide/ EQECAT can be applied. The availability of equipped human resources, who are familiar with these tools – is also required to sustain the growth, if India really aspires to establish itself as a global insurance centre of competence. Creation of hub would not only support in wide-scale skill development and leverage on vast Indian talent pool but would also help in developing India’s primary insurance penetration, overall premium growth and improved risk management practices.

(viii) Some rules of taxation pertaining to reinsurance domain need relooking and clarity in order to make the rules unambiguous and flexible for foreign reinsurers if they want to invest over here. Income Tax authorities in India express the view that the reinsurance premium paid to non-resident reinsurers is a chargeable tax, but actually reinsurance premium should not be taxable in India because – the income is not received in India and it does not arise or accrue in India. Moreover, DTAA (Double Taxation Avoidance Agreement) is also an aspect that can discourage foreign reinsurers to invest in India. The overseas reinsurance premium remittances need to be exempted from withholding tax in accordance with UN Model Convention and suitable clarifications should be issued by the CBDT (Central Board of Direct Taxation)

(ix) Litigation procedure, that forms the main way to resolute disputes, is perennially slow in India and this is one of the biggest challenges for any foreign investor looking to do business in India. There are reportedly over 32 million cases presently pending before Indian Courts. The Ministry of Law and Justice formulated a National Litigation Policy in 2010 to reduce average pendency from 15 years to 3 years. Initiatives should be taken so that this policy can be implemented soon.

(x) Arbitration is another form of dispute resolution mechanism that provides a speedy procedure since it does not require Court proceedings. So it inspires greater confidence in foreign investors to invest in India. The Arbitration and Conciliation Act, 1996 contains the law in respect of arbitration in India, which needs amendment. This law preserves party autonomy in relation to most aspects of arbitration eg: the freedom to agree upon the qualification, nationality, place of arbitration etc. Amendment to this law should be recommended by the Law Commission in order to make it flexible in terms of removing the country-boundary so that it can attract substantial interest and investment from foreign investors.

(xi) Insurance/ reinsurance law is a specialised subject demanding a more focussed expertise. Most sophisticated jurisdictions have specialist law firms to support the insurance/ reinsurance sector. In India, however, such a specialisation is not yet formed. To build such specialisation in India, assistance of the experts is required from experienced jurisdictions. Under section 7(1) of the Advocates Act 1961, foreign law degrees are recognised by the Bar Council of India on a reciprocal basis, but foreign nationals are prohibited from “practicing law” in India as per the same Act. There has been some recent discussion at the policy level in the Government to allow foreign law firms to some limited extent.

(xii) Since the availability of qualified actuaries with requisite knowledge of reinsurance is limited in India, the foreign reinsurers’ branch offices operating out of International Financial Service Centres should be allowed to use the services of their regional actuary until local talent is developed.


Development of GIFT and a promising future ahead:

The Gujarat International Finance Tec-City (GIFT) is the first International Financial Service Centre (IFSC) set up in 2015 in India and it is internationally perceived as an epicentre of growth. GIFT is conceptualized as the first global financial hub and integrated smart city, designed to be at par with globally bench-marked financial centres such as – Shinjuku in Tokyo, Lujiazui in Shanghai, La Défense in Paris, London Dockyards. GIFT has entered into MoUs with the world’s best business hubs like Dubai International Financial Centre, Dubai Multi Commodity Centre etc. Life and non-life insurance companies, assurance companies, reinsurance companies, captive insurance and related operations will be allowed to set up their offices in GIFT. Of late, GIFT has found various international awards and recognitions, out of which one is securing a place in KPMG International’s “Infrastructure 100: World Markets Report” that highlights key trends driving infrastructure investment across the globe. It will enable India to become a global reinsurance hub as both insurers and reinsurers will be able to offer foreign currency policies from India. Twelve global insurance firms (including India’s GIC Re and Life Insurance Corporation of India) have already initiated setting up their units at GIFT City. As mentioned earlier under point (v) in “Steps to take up in developing India as a reinsurance hub”, according to IRDA guidelines, an applicant can set up an IFSC insurance office in the SEZ to carry on reinsurance business. An applicant being an Indian insurer can also establish an IFSC insurance office to transact specified direct insurance business within the SEZ. GIFT has not only bolstered India’s stance as a regional reinsurance hub, but it has also set up a role-model for hundred other smart cities that can germinate their seeds in near future to flourish India in global financial and operational platform. Smart cities together can help in promoting ‘India International Insurance/ Reinsurance Cluster’ that will provide competitive advantage over other global reinsurance hubs. Such ‘Cluster’ is a manifestation of inter-connected companies and service providers at one place – Insurers, Reinsurers, Lloyd’s market, Trade bodies/ Government, Brokers’ association, Insurance pools, Loss adjusters’ association and other intermediaries, Law firms, Arbitration centres, Actuarial societies, Knowledge management centre etc. Though it requires a leitmotif and serious commitment among all the stakeholders, formation of such clusters will promote the development of an international reinsurance hub in India very soon.

Click here for Bibliography

Note: This is a guest post by Ms. Chandrima Das, Assistant Manager (IT), National Insurance company limited. This post is purely for knowledge sharing purpose.

Assistant Manager (IT) at National Insurance Company Limited. A qualified insurance professional having degree of B.Tech (Computer Science) and FIII (General Insurance). Also a student member of Actuarial Society of India.

24 Comments on "India – On the way to emerge as a potential Reinsurance Hub"

  1. subhasis8043@gmail.com' Dr.Subhasis Ghosh | March 4, 2016 at 2:01 am | Reply

    provides an indepth systematic synoptical analysis of the progress of reinsurance market and its emerging prospects

  2. Good work Chandrima. Keep it up 🙂

  3. Thanks a ton Ian! I was actually looking forward to have some comment on blog, and you just made one!

  4. Subhasis, your constant support and inspiration really initiated the thought in me to do research on this field of writing on journals and blogs. So a major fraction of the credit obviously goes to you! 🙂

  5. Nice article !!!

  6. Very good analysis and beautifully presented

  7. Hi Sandeep! Not sure whether you’re someone from National or not.. so excluded any kind of salutation like “sir” etc.. Thanks for your encouraging words. Regards!

  8. The article is progressive, enjoyably readable avoiding documentary style, presents the true picture of Indian supremacy in reinsurance in the asian region, gives dreamy business leaders a new game to indulge in in the form of GIFT entry in reinsurance, also, with a step by step guide and hopefully has stacked up premium creative material to deliver in future blogs.

  9. happy_mindz@yahoo.com' Ebru Yıldırım | March 9, 2016 at 12:52 am | Reply

    An insightful picture of indian market, keep on sharing information with us.

  10. Sridhar Seshan sir, thanks for your encouraging words. I owe you big time for going through each and every detail I wrote. Will write lot more on reinsurance and share the links with you.

  11. Ebru Ma’m, I wish to learn on your country’s RI business as well, request you to spill the beans! 🙂

  12. Hi Shraddha, thanks for the read! I’m sure you did not check the bibliography. Yes, the link you provided is the same document I mentioned in the bibliography as quoted below. As a formality, the writers in this blog need to disclose full bibliographic details to the admin, and after that if the admin thinks it is free from any kind of plagiarism, and has the quality of getting published then only the post gets the signal for publishing.

    “(vii) “An Agenda for Indian Insurance Industry – ONE Insurance Vision with Global
    Benchmarks” from Indian Merchants’ Chamber website http://www.imcnet.org/
    (viii) “A Legislative Agenda for Indian Non-Life Insurance Industry” from Indian
    Merchants’ Chamber website http://www.imcnet.org/

    • Thanks Chandrima !Your link takes us to the website and not to the report ( do you want the readers to search on the IMC page – Now that’s inconvenient ).
      Yes-I did read the bibliography .

  13. Dear Shraddha, thank you for making it convenient for the readers to check the content of your link. I’m definite the readers will find my analysis better than that of IMC’s.

  14. Hello Chandrima! Nice to see you mentioned GIC Re’s progress in your post. Do keep writing.

    With good wishes,
    Geetha Nair

  15. Dear Ma’m, thank you! Commented on your link, please check. Regards.

  16. Chandrima, your post gives a complete picture starting from the history of reinsurance, its roots and growth in India, and the changes in regulations last year. You put all the things at one place. Nice.

  17. Dear Sir, thank you! Glad that you read the entire thing with patience and came up with a positive comment. Regards.

  18. aruneesh.kumar@nia.co.in' Aruneesh Kumar | April 2, 2016 at 12:28 am | Reply

    Dear chandrima, it is good to see that young people are now preparing themselves to rule the future market of insurance. Wish you all success ahead.

  19. Hello Aruneesh! Thanks for your encouragement! Regards, Chandrima

  20. Thank you for sharing such great information. It is informative, can you help me in finding out more detail.

  21. Chandrima Das | May 14, 2016 at 4:53 pm | Reply

    Dear Ritika, thanks for the read! Sure, I will be happy to give you more details. I guess you are working with insurance sector. Are you interested in writing articles jointly? Kindly ping me at chandrima.d31july@gmail.com to discuss more.

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