Alice Vaidyan has been appointed as chair and managing director of General Insurance Corp. of India (GIC Re), the national reinsurer. She is the first woman to be appointed as chair in the history of Indian insurance industry.
Vaidyan previously was general manager and CFO at GIC Re, positions she held since October 2012. She will remain in her new post until July 31, 2019.
She began her career with the public sector general insurer, the New India Assurance Co. Ltd., in 1983. Over the years, she worked in Thiruvananthapuram, Ahmedabad, Kochi and Mumbai offices of the Company, including the Corporate Office of New India Assurance Company Limited in various capacities. She moved to GIC Re in 2008 as deputy general manager reinsurance.
Vaidyan is also a director on the board of GIC Bhutan Re Ltd., a joint venture reinsurance company established by GIC Re in Bhutan. As chair and managing director of GIC Re, Vaidyan also will be the chair of GIC South Africa Re Ltd., Kenindia Insurance Co. Ltd., Kenya, and GIC Housing Finance Company Ltd.
Vaidyan takes over the reins of the reinsurer when the insurance industry is at a crucial juncture, GIC Re said in a statement. “With overseas reinsurers, including the Lloyd’s of London, soon to set up shop here, the Indian insurance industry [will] witness the creation of a new reinsurance ecosystem…,” the company said.
About GIC Re
GIC Re is the 14th largest reinsurer globally with $2.4 billion in annual premiums reported in 2014-15. As the only reinsurance company in India, the company was set up by the government of India in 1973.
Source: General Insurance Corp. of India