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GIC Re joins insurance pool to underwrite Russian imports

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State-owned reinsurer General Insurance Corporation of India has agreed to participate in the new 5 billion Indian rupees ($64 million) fertilizer insurance pool created by a group of Indian insurers to insure fertilizer and oil and gas imports from Russia, Business Standard reported. While GIC Re initially refused to underwrite marine risks for any Russian cargo, it has agreed to be a part of the new fertilizer pool only if all insurers and shipments comply with the latest UN, U.S., U.K. and European sanctions.

 

 

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