Ultimate goal is to achieve 50:50 domestic and international booking: GIC Re's Devesh Srivastava

By focusing on the international book, GIC Re aims to diversify its revenue streams and reduce dependency on the domestic market. This strategic move aligns with the company's long-term vision of becoming a global reinsurance powerhouse.

Expanding the international book offers several advantages to GIC Re. Firstly, it allows the company to access a larger market, thereby increasing its revenue potential. Additionally, venturing into international territories provides GIC Re with the opportunity to offer its expertise and services to a wider range of clients. By establishing a global footprint, the company can better manage risks and gain exposure to diverse risk profiles, further enhancing its underwriting capabilities.

Srivastava highlighted that GIC Re is strategically calibrating all its efforts towards the development of the international book.

Recognizing the vast potential and opportunities available in the global market, the company aims to leverage its expertise and expand its presence across various geographies. By allocating resources and talent to bolster the international book, GIC Re seeks to tap into new markets and forge strong partnerships with global reinsurers.

Discussing the market dynamics, Srivastava acknowledged the prevailing trend of price hardening in the reinsurance industry. He mentioned that this trend is likely to persist for a few more years.

As a result, GIC Re is strategically positioned to capitalize on this scenario and maximize its profitability. The company's diligent risk management practices, combined with its technical expertise, enable it to navigate through the evolving market conditions effectively.