Nepal quake: GIC Re to bear losses

Reinsurer GIC Re will bear the brunt of the Nepal earthquake that has caused widespread damage to property and death. "We are the largest international reinsurer in the Nepal market and we have sent a team of 10 surveyors to assess the loss," said AK Roy, chairman and MD GIC Re, which accounts for about a quarter of the total insurance.

A massive earthquake measured at 7.9 on the Richter scale rocked Nepal, followed by another one measuring 6.7 on the next day.

The worst earthquake to hit the region in 80 years brought down several buildings and centuries old temples.