A report by U.S.-based ratings agency A.M. Best Co. Inc. found that growth among Asian reinsurers was primarily driven by reinsurer General Insurance Corp. of India in 2016, Asia Insurance Review reported. “Among the Asian companies on the list, GIC Re of India grew very strongly, owing to the country’s government-sponsored crop insurance program coupled with relatively weak solvency capital as its cedents,” the report said. GIC Re’s gross written premiums grew 87% year over year to $5.2 billion in the financial year ended March 31. Net profit grew 10% to nearly 31.3 billion Indian rupees ($490 million).
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