General Insurance Corporation to venture into Brazil
With a move to expand its global presence, General Insurance Corporation of India, is venturing into Brazil next month for reinsurance business.
By PTI |
MUMBAI: With a move to expand its global presence, General Insurance Corporation of India, is venturing into Brazil next month for reinsurance business, a top company official said here.
"We are starting our reinsurance business in Brazil by November this year as we see avenues there. We have received regulatory approvals and have tied up with a firm which will look after the legal aspects," General Insurance Corporation of India Chairman-cum-Managing Director Yogesh Lohiya told reporters on the sideline of an insurance summit organised by the CII here on Tuesday.
The company would start the business in Brazil with occasional reinsurance, he said.
"The company is looking for the emerging markets and has plans to enter into Alegria during the next year (2009)," he added.
"Our endevour is to go to those areas which are emerging and we plan to enter into Algeria by 2009," he said.
The company has many other new geographies on its radar like Middle East, South Africa, he said. The company is already present in London, Dubai and Moscow, he said.
The international business contributes 27 per cent to the company's revenue, he said.
"Our international business contributes 27 per cent to our revenues and we expect it to grow by 5 per cent to 32 per cent in FY09," he said.
The company's total premium last year was Rs 9,300 crore, he said.
"We are starting our reinsurance business in Brazil by November this year as we see avenues there. We have received regulatory approvals and have tied up with a firm which will look after the legal aspects," General Insurance Corporation of India Chairman-cum-Managing Director Yogesh Lohiya told reporters on the sideline of an insurance summit organised by the CII here on Tuesday.
The company would start the business in Brazil with occasional reinsurance, he said.
"The company is looking for the emerging markets and has plans to enter into Alegria during the next year (2009)," he added.
"Our endevour is to go to those areas which are emerging and we plan to enter into Algeria by 2009," he said.
The company has many other new geographies on its radar like Middle East, South Africa, he said. The company is already present in London, Dubai and Moscow, he said.
The international business contributes 27 per cent to the company's revenue, he said.
"Our international business contributes 27 per cent to our revenues and we expect it to grow by 5 per cent to 32 per cent in FY09," he said.
The company's total premium last year was Rs 9,300 crore, he said.
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