INDIA’S GIC LOOKS TO LIFE REASSURANCE SECTOR

India’s General Insurance Corp (GIC) is reportedly talking to global competitors in an effort to gain expertise in the life reassurance sector. The state-owned company, which has been appointed India’s national reinsurer as part of a massive shake-up of the country’s insurance market, said that guidelines were being finalised to allow it to enter the life market. However, it told local media that it was not seeking formal links with international competitors as it believed that foreign firms would be “only too willing” to pass on advice. Companies would be happy to co-operate because they viewed GIC as a potential customer, it added.