Market Chatter: General Insurance Corp. of India to Shift Overseas Portfolio Toward Casualty, Specialty Insurance
General Insurance Corp. of India (NSE:GICRE, BOM:540755) plans to increase its exposure to casualty and specialty insurance lines while reducing reliance on property and catastrophe risks in overseas markets, Reuters reported on Wednesday, citing Chairman Hitesh Joshi.The move comes as climate-related losses continue to rise globally, prompting reinsurers to reassess their exposure to natural catastrophe risks. Specialty insurance includes segments such as aviation, shipping and cybersecurity.GIC Re, which operates in 137 countries, aims to raise the share of international business in its overall portfolio to about 40% over the next three to five years from around 25% currently, Joshi told Reuters. The company is also looking to expand its presence in markets including Japan, Taiwan, South Korea and parts of Europe.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
