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GIC could lose first preference in aviation, marine hull businesses


The Reinsurance Expert Committee of the Insurance Regulatory and Development Authority of India has recommended waiving preferential treatment to reinsurer General Insurance Corp. of India in areas such as aviation and marine hull coverage, Bloomberg reported. The business areas also include large infrastructure projects, petrochemical and refinery plants, power plants, oil and energy and cyber and climate change risks. The first right of refusal currently lies with GIC Re. Additionally, foreign reinsurers are required to retain half of their premium income and assigned capital funds within India. 

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