Reinsurance is an industry that is truly global in nature. The Indian reinsurance market, which was thrown open to the foreign companies recently, is set to witness intense competition with more players, which currently is dominated by a sole Public sector company — General Insurance Corporation of India (GIC Re). The presence of overseas players in India would generate economic benefits for industries beyond the insurance sector, help create skilled jobs and enable the dissemination of technical, managerial knowledge and expertise to the wider Indian insurance industry. More than that, the reinsurers will be able to play a fundamental role in developing India into a significant regional and international economic hub.
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