GIC Re to expand its international activities

General Insurance Corporation of India (GIC Re) intends to strengthen its presence in foreign markets as part of its strategy to diversify its sources of revenue.

As a first step, the company is planning to expand its domestic business, which would account for 75% of the total portfolio during the 2024 financial year. International expansion is scheduled to begin in 2026.

The reinsurer is also seeking to improve its international rating to attract partners in target markets.

These were the statements made by Ramaswamy Narayanan, CEO of GIC Re, in an interview with an Indian TV channel.