GIC aims high

The General Insurance Corporation of India, which caters to the reinsurance needs of the country and underwrites risks, has set its mind to make a mark globally. It aims at positioning itself among the top 20 reinsurers in the world. For this new expansion plan, GIC is eyeing the international reinsurance business. Apart from this, it is also looking at the leeway of emerging as a major reinsurance player in the Afro-Asian economy. It is focusing on ‘marketing’ to use it as means to reach out globally. For the year 2004-’05, GIC’s business grew by 10% and the growth was seen in all the classes of business i.e. fire, marine, miscellaneous and life and now it has set a target of $500m for the new fiscal.