The company will operate through GIC Perestrakhovanie LLC subsidiary, which at the end of January 2020 received the nod from the Central Bank of Russia to start its activity.
"The market offers encouraging long-term growth for the reinsurance business as it is characterised by low rate of insurance penetration. The overall level of insurance penetration in Russia's GDP is very low," Sanjay MOKASHI, CEO of GIC Perestrakhovanie, said.
According to Moneycontrol News, GIC Re plans to further expand in the neighboring countries from CIS area, as well as in South American markets. GIC Re is already operating at a global scale, through several branches settled in UAE, UK, Africa, West Asia and South-East Asia.