Natural Catastrophe Risk Pool

   

          
   

 

 

Historical Background

The 21st General Meeting of the Federation of Afro-Asian Insurers and reinsurers (hereinafter referred to as ‘FAIR’), Kuala Lumpur, 20-21 October, 2009 unanimously adopted the recommendation of the FAIR Executive Board to establish a REINSURANCE POOL for reinsuring the Excess of Loss Programmes catering to CAT events including Non marine CAT exposures, excluding Terrorism, but including Incidental exposures of other classes.

i.      Fire

ii.     Accident excluding credit and bonds business

iii.   Project Insurances (CAR & EAR)

 

The General Assembly also unanimously entrusted the management of the Pool to General Insurance Corporation of India (GIC Re)

 

 Object

  • Protect capital & surplus that would accumulate in the Pool over time through professional management of its insurance operations, adequate risk management, prudent investment policies, tight restrictions on the use of funds and a system of checks and balances embedded in the governance structure.
  • Ensure that best international industry practices are adopted in pool’s operations and risk management.
  • Diversifying risk across regions to achieve

 - Multiple Use of Available Capacity

 - Cross-Subsidization of loss

 

Contact Details

 

Address

General Insurance Corporation of India, “Suraksha”,

170, Jamshedji Tata Road, Churchgate, Mumbai - 400 020 India.

Tel

: + 91  22  22867410

Email

: sushilkumar@gicofindia.com 

Establishment

:  2009

Management

 

: GIC Re, India 

: Mr. Sushil Kumar - Manager