GIC Re hikes premiums for property insurance segment under fire portfolio

The impact of increase in premiums for individual insurers will be different, depending on the kind of risk they are participating in

General Insurance Corporation (GIC Re), the country’s national reinsurer, has increased its premiums for the property insurance segment across all 291 occupancies which come under the fire portfolio, effective January 1, 2020. 

It had previously informed general insurers via a circular about its intention to raise premiums, said sources aware of the development.
 

GIC Re informed general insurers that it will follow the Insurance Information Bureau (IIB) rates for all occupancies. This means that the rates for fire-related mishaps, which are very low at present, will increase sharply.

“Premiums for public sector insurers may go up by 50 per cent