The GIC Re, country?s sole official reinsurance company has roped in Deloitte as a consultant to undertake a complete organisational restructuring to meet the new market challenges.
The consultant, apart from preparing the blue print for restructuring the of organisation, which reinsures both domestic and international risks, would help the company to implement the changes.
The market for state owned reinsurer is changing gradually as its guaranteed business which is in form of a 15 % obligatory cession from domestic general insurance companies will be reduced to 10% from the begining of next year. Also detariffing in the domestic general insurance industry, which is causing competitive pricing, could lower inflow of the reinsurance premium income for the GIC Re.
Meanwhile GIC Re plans to be global player. It intends to have leadership in Afro Asian region by having strategic investments in other reinsurance companies there.
The corporation currently has representative offices( which would upgraded as a branch office ) in London and Moscow and has a full fledged branch in operation in Dubai since the beginning of this year.
