SINGAPORE, June 23 (Bernama-BUSINESS WIRE) -- A.M. Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of General Insurance Corporation of India (GIC Re) (India) remain unchanged. This comment on the company's Credit Ratings (ratings) follows GIC Re's recently published audited financial results for the year ending March 2017, which saw an 82% increase in gross premiums. This was considerably higher than the company's projections.
Most of the premium growth stemmed from the implementation of a new crop insurance scheme, Pradhan Mantri Fasal Bima Yojana, which is heavily subsidized by the government. As an Indian reinsurer, GIC Re enjoys priority offers in reinsurance placement in India. The company also has decided to retain most of the risks pertaining to the crop insurance scheme.
Most of the premium growth stemmed from the implementation of a new crop insurance scheme, Pradhan Mantri Fasal Bima Yojana, which is heavily subsidized by the government. As an Indian reinsurer, GIC Re enjoys priority offers in reinsurance placement in India. The company also has decided to retain most of the risks pertaining to the crop insurance scheme.
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