From January 2007 when the Dubai branch of the Corporation was inaugurated, till July this year, GIC Re has travelled a long distance establishing milestones and credibility across the shores.
The enchanting launch ceremony began with presentation of floral bouquets to dignitaries on the dais. Apart from the Hon'ble Minister Mr. Namo Narain Meena others on the dais included YB Dato' S K Devamany, Deputy Minister in the Prime Minister's Department, Government of Malaysia; Mr. Vijay Gokhale, Indian High Commissioner to Malaysia; Mr. Ashok K Roy, Chairman-cum-Managing Director, GIC Re and Mr. Sujay Banarji, General Manager, GIC Re. Addressing the scintillating launch ceremony that was attended by over 200 distinguished guests who included who's-who of the insurance industry in Malaysia, India and other ASEAN nations, Hon. Minister Mr. Meena described the opening of the Labuan branch of GIC Re as 'yet another step to cement and strengthen the long standing cordial relations between India and Malaysia'. Mr. Meena said: 'GIC Re has always strived to reach out to its neighbours in keeping up with the philosophy of Mahatma Gandhi "Love your neighbour as yourself".
He said GIC Re has marched ahead in the reinsurance fraternity but has always followed the policy of regional cooperation. He said: 'I am happy to note that the Corporation has shared its knowledge, expertise and experiences with others beyond geographical boundaries'.
The Hon'ble Minister concluded his speech with the confidence that GIC Re would be able to provide the much needed 'warmth' to the flood ravaged insurance sector of the region from its branch in Malaysia.
Earlier, Mr. Roy welcoming the Hon’ble Minister of State for Finance said: “GIC Re having strengthened and streamlined the Indian Insurance sector is now enhancing its presence in the international markets. He said that 'we at GIC Re have, over the years, offered to our partners unmatched financial strength and supreme trust. Neither the economic slowdown and financial meltdown of 2008-10 nor the catastrophic events of 2011 could impact our strength'.
Mr. Roy said we are now in the process of establishing representative offices in Nepal, Bangladesh and Sri Lanka. He described it as an effort to share our knowledge and expertise with our neighbours. Mr. Roy announced that very recently GIC Re has entered into an agreement to set up a joint venture reinsurance company in Bhutan. He said ASEAN countries contribute substantially to our foreign portfolio and we believe that Malaysia is the future centre for reinsurance in the ASEAN region and what better than to get a foot-hold here.
YB Dato' S K Devamany, who was Guest of Honour at the Ceremony elaborated on how Malaysia has been home to the large population of Indian community. He said Malaysia is a multi-racial country where people from several communities and various parts of the world are living in harmony and prospering. YB Dato' Devamany said Malaysia welcomes GIC Re, and other Indian industries as well, to establish here. He expressed hope that India Malaysia Comprehensive Economic Cooperation Agreement which is in force from July 2011 will provide further impetus to the already strong economic relations between the two countries.
He elaborated on the various steps taken by the Malaysian Government to promote industrial growth in the country and welcomed India's participation in the process.
Earlier Mr. Sujay Banarji, General Manager, GIC Re made a brief and crisp presentation about GIC Re. In his presentation Mr. Banarji elaborated on the development of the Indian insurance sector and the performance and growth of GIC Re over the years. Mr. Banarji informed the house the advantages GIC Re brings with it to Malaysia.
After declaring open the Labuan branch of GIC Re, Mr. Meena signed the visitors’ book of the Labuan branch.
The brilliant launch ceremony concluded with the signing of a launch plaque recording the historic moment for posterity.
Labuan branch is GIC Re's third branch and fourth overseas office. The Corporation has branch offices in London and Dubai, as well as a representative office in Moscow. GIC Re is wholly-owned by the Government of India. GIC Re's Malaysian branch, apart from underwriting conventional business, can underwrite re-takaful, general reinsurance and agri reinsurance businesses emanating from ASEAN countries. GIC Re sees Southeast Asia as an exciting and rapidly developing insurance and reinsurance market. It believes that insurance markets in the ASEAN region will continue to grow in spite of the global economic downtrend.
Ranked 13thLargest Global Reinsurer Group(compiled by A M Best)