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GIC Re's stance forces insurers to increase rates

Rising insurance premium

Indian insurers increased rates for fire risk after reinsurer General Insurance Corp of India refused to provide reinsurance cover to the insurers for failing to price risks adequately, CNBC TV18 reported citing sources. Under Indian insurance rules, insurers have to make the first offer of reinsurance to government-owned GIC Re. The rate increases could hamper the insurers' profitability, the sources said.

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