Which private reinsurance company was approved by IRDAI as the first private reinsurer in India?

The Correct Answer is ​Valueattics Reinsurance.

In News

• Valueattics Reinsurance set to become India's first private reinsurer.

Key Points

• Reinsurance is a risk management mechanism where an insurance company transfers a portion of its risk to another insurance company (the reinsurer).
• IRDAI regulates reinsurance under the Insurance Act, 1938 and the IRDAI (Re-Insurance) Regulations, 2018.
• Reinsurance helps insurers mitigate financial losses arising from large claims, such as those from natural disasters or major accidents.
• Reinsurance is essential for risk diversification, protecting insurers from insolvency, and promoting market growth.
• Valueattics Reinsurance is the first private reinsurance company approved by IRDAI in India.