Bhutan-Nepal Reinsurance Cooperation: NIA And GIC Bhutan Strengthen Regional Insurance Market
21st June 2025, Kathmandu
The Chief Executive Officer (CEO) of GIC Bhutan Reinsurance Company Limited, Mr. Kinzang Wangdi, has arrived in Kathmandu for an official visit focused on enhancing regional cooperation in the field of reinsurance.
Bhutan-Nepal Reinsurance Cooperation
On Thursday, CEO Wangdi held a meeting with the Chairman of the Nepal Insurance Authority to discuss a wide range of issues related to the reinsurance sector. The meeting primarily focused on the current status of the reinsurance industry, emerging challenges faced by the sector, and collaborative approaches to overcoming those challenges through mutual understanding and policy alignment.
According to the Nepal Insurance Authority, the dialogue was aimed at exchanging insights and identifying practical strategies to strengthen the reinsurance framework in the region. The meeting also explored opportunities for future collaboration between Nepal and Bhutan in the insurance and reinsurance domains.
Present during the discussion were Mr. Sushil Dev Subedi, Executive Director of the Nepal Insurance Authority, other senior officials from the Authority, and representatives from GIC Bhutan.
The visit by the GIC Bhutan CEO reflects the growing interest of regional reinsurance companies in Nepal’s insurance market and opens the door for deeper cooperation, capacity-building initiatives, and sustainable development of the reinsurance ecosystem in South Asia.
About GIC
GIC-Bhutan Reinsurance Company Limited started its operations on May 16, 2013. It is Bhutan’s only reinsurance company. The company received its license on August 12, 2013, and officially launched in September of the same year. GIC Re India owns 26% of the company, while other Bhutanese shareholders and the public own the rest.
GIC-Bhutan serves over 20 countries, mainly in Asia, the Middle East, and Africa. It offers both facultative and treaty reinsurance with strong underwriting capacity. The company provides coverage for property, marine, and miscellaneous classes.
Its vision is to be a specialized reinsurance provider. The mission focuses on professionalism, stakeholder confidence, and contributing to regional economic growth.
The company holds a CARE A (In) Stable rating and declared its first dividend in 2018. GIC-Bhutan is financially strong and committed to expanding its global reach while supporting Bhutan’s insurance market and economy.
About NIA
Nepal Insurance Authority (NIA) is the official regulator of the insurance sector in Nepal. It operates under the Insurance Act, 2079 BS. The authority ensures that insurance companies follow fair practices. It also protects the rights of policyholders and promotes trust in the industry.
The NIA works closely with government bodies, private insurers, and international partners. It is a founding member of the International Association of Insurance Supervisors (IAIS).
A board of directors oversees the authority. The team includes government officials and experts from both life and non-life insurance fields. The authority has seven provincial offices across Nepal to strengthen its outreach.
NIA issues licenses, drafts policies, and monitors company performance. It also encourages digital systems and aims to reduce fraud. Soon, the authority will launch an Insurance Information Center to improve data transparency.
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