India's GIC Re plans to reduce share of overseas property risk as climate losses rise

India’s GIC Re plans to reduce share of overseas property risk as climate losses rise covers a strategic shift by the Indian reinsurer as climate-linked disasters increase losses globally. Speaking in Mumbai on June 24, chairman Hitesh Joshi said GIC Re aims to boost focus on casualty and specialty lines while reducing reliance on overseas property and catastrophe business. The company links the change to climate change reshaping risk patterns, citing floods in places like South Africa and Dubai and more severe hurricanes, typhoons, and cyclones. It references Aon data that economic losses from natural disasters reached $368 billion in 2024, 14% above the inflation-adjusted average since 2000. Joshi said the reinsurer will rebalance overseas exposure and target casualty and specialty growth, including shipping, aviation, and cybersecurity coverage. GIC Re operates in 137 countries, processed premiums worth 443 billion rupees in 2025-26, and expects about 25% from international markets, aiming for around 40% over three to five years.