 "GIC Re says Nepal quake claims to be under $50 mn")
General Insurance Corporation of India (GIC Re), the sole domestic reinsurer said that it expects its claims from the Nepal earthquake to be under $50 million (approx. Rs 315 crore) even in a worst case scenario.
GIC Re is among the largest reinsurance partner of the Nepalese insurance industry over the years now. "Our gross exposure in the Nepalese insurance market is around $140 million (approx Rs 882 crore) but it will take some time to arrive at any estimated figure of our losses due to the recent earthquake there," said the reinsurer.
Further, the reinsurer said that so far they have not received any cash-calls from any of the cedents. Much will depend on the damages suffered by the insured properties.
The company also said that the past experience with such calamities in this part of the globe indicates insured losses to be a very small part of the economic losses.