Don't see competition from entry of new players: GIC Re

Country's sole domestic re-insurer GIC Re today said it does not see any competition from the entry of new players and expects to maintain its dominant position in the market.
Moreover, the state-owned re-insurer believes that the entry of new re-insurers will help make prices more affordable for customers.
"We don't see any competition at all. We will continue to have our dominant market position as we are present here for past 45 years now," GIC Re Chairperson and Managing Director Alice Vaidyan told PTI on sidelines of an event here.
Six re-insurers received R2 licences from Irdai last month -- Swiss Re, Munich Re, Hannover Re, French major SCOR, Reinsurance Group of America and domestic private re-insurer ITI.

Swedish re-insurer XL Catlin was given R1 licence.
Re-insurers can kick off their operations only after receiving R3 approval from the regulator.

However, GIC Re believes that joining of the new players will make prices affordable.
"I do believe that an affordable product will come to the market once the new players start their operations within the country," she said.
GIC Re is also bullish about its expansion plans abroad.
"We are already having our branches in London, Dubai and Malaysia. We also have representative office in Moscow and we have got subsidiaries in countries like South Africa and Bhutan," added Vaidyan.

According to her, the firm has plans to convert its representative office in Moscow to a subsidiary.
"We also plan to have offices in Brazil, China and US in the future," she added.
On GIC Re's plan to come up with its IPO, she said, "We are waiting for the government's approval for the same.