GIC Bhutan Re completes one year of operations

Finance Ministry today said Indian reinsurer GIC Bhutan Re, which has recently completed one year of operations, has been working on promoting regional support and cooperation in the insurance sector.
GIC Bhutan Re celebrated its first anniversary on September 5, an official statement said.
This is an example of the cooperation between the two neighbours to improve the levels of financial inclusion in the respective countries, it said.
As part of strengthening ties, the Department of Financial Services (DFS), Ministry of Finance has already taken steps in the form of Druk PNB JV and GIC Bhutan Re, the two joint ventures that are already up and running.

GIC Re operates through its JV in Bhutan, a fully owned subsidiary in South Africa, branch offices in London, Dubai, Kuala Lumpur and representative office in Moscow.
The reinsurance JV is a symbol of commitment towards developing the financial and economic relationship amongst the neighbouring countries, it said.
More investment by India would enhance its risk appetite to retain larger risks within the country thereby conserving valuable foreign exchange, it said, adding, the company is also accepting inward reinsurance from global market thereby bringing much needed foreign exchange to Bhutan.