General Insurance Corporation sees double-digit growth in FY14

MUMBAI: The country's sole reinsurer General Insurance Corporation (GIC) hopes to clock double-digit growth in the current financial year despite economic slowdown, a top company official has said.

"We hope to clock double-digit growth this fiscal in premium collection. It is likely to be around 14-16 per cent," chairman and managing director AK Roy told PTI.

He also said he expects the country's reinsurer's investment income to be better this fiscal.

Apart from providing reinsurance to the domestic players, GIC also provides reinsurance covers in the Afro-Asian and Saarc regions among others as part of its international operations.

Talking about the growth prospects in the next fiscal, Roy said it will depend on economic pick-up but added the company expects sound growth despite softening premium rates.

The company, which is likely to see around Rs 75 crore of claim arising from the missing Malaysian flight, also sees reinsurance rates to remain soft next financial year.

"Reinsurance rates are soft as of now. We hope that this may remain so," Roy said.

In the absence of any major calamities so far this year, global reinsurance rates have remained soft this year, which was evident during the renewal period so far.