General Insurance Corp Of India Aims To Double Annual Asean Gross Written Premiums

KUALA LUMPUR, July 12 (Bernama) -- The General Insurance Corp of India is aiming to double its annual Asean gross written premiums from US$150 million as of March this year, through its branch in Labuan. Its Chairman/Managing Director Ashok K. Roy said the Labuan branch, the first in the Asean region for the Indian reinsurer, had the potential to be converted into a subsidiary, as demand for business in the region is vast. "Malaysia, especially Labuan, is strategically located in the region. It is an ideal place to do business," he told reporters after the inauguration ceremony of the Labuan branch, here on Thursday. Labuan is one of the three Malaysia's Federal Territories. It is located in East Malaysia state of Sabah. Also present at the event was Deputy Minister in the Prime Minister's Department, S.K. Devamany and the Indian State Minister of Finance, Namo Narain Meena. -- BERNAMA