Published: Thursday July 12, 2012 MYT 1:59:00 PM
India's insurer aims to double premium income
By Choong En Han
PETALING JAYA: India's General Insurance Corporation aims to double its premium income annually over the next five years from its branch in Labuan.
Last year, the company recorded US$150mil in reinsurance premium income from its Labuan branch.
"Coming from a low base, we think we can grow our business fast, and we might turn this branch into a subsidiary office in tandem with the growth," said GIC chairman and managing director Ashok Kumar Roy at the official launch of GIC's Labuan Branch on Thursday.
The role of a reinsurer is basically to provide the market with additional capacity to write medium to large size domestic risks.
He said the Malaysian branch would be transformed into GIC's operation hub for its Asean business.