Asian Reinsurers Plan Regional AllianceAsia Correspondent

Hong Kong

Reinsurance companies need to watch over their shoulders because some of their clients in Asia might soon turn out to be competitors, now that a group of reinsurance firms in seven Asian countries have decided to band together and reinsure each other’s assets.

“We have decided to create a reinsurance [alliance] for Asia. This will help us a great deal in stabilizing prices and countering the price dictated by big players like Swiss Re and Munich Re,” P.C. Ghosh, managing director of the Mumbai, India-based General Insurance Corporation of India (GIC), told National Underwriter.

Those joining the alliance include GIC, China Re in Beijing, Seoul-based Korean Re, Manila-based Universal Reinsurance Corporation of Philippines, and state-run reinsurers in Malaysia, Indonesia and Japan.

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