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India: GIC Re expects 14% to 16% increase in premiums

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General Insurance Corp. of India hopes "to clock double-digit growth this fiscal in premium collection," managing director A.K. Roy said.

Mr. Roy said "it is likely to be around 1% to 16%," The Times of India reported.

He also added "reinsurance rates are soft as of now."

India's sole reinsurer could see claims of about 750 million Indian rupees ($12.2 million) arising from the missing Malaysian jet.

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