Before Bhutan had its own reinsurer, risk traveled beyond its borders.
We bring to you the story of how it changed…
Established in 2013, GIC-Bhutan Reinsurance Company Limited marked a significant milestone as Bhutan’s first domestic reinsurer, supporting the Kingdom’s journey toward greater financial self-reliance amid a period of rapid economic development. In this inaugural blog post, we reflect on the evolution of reinsurance in Bhutan-from early dependence on external reinsurance arrangements to the establishment of a strong national institution that enhances financial stability and resilience within the insurance sector.
Pre-2013 Bhutan Reinsurance Era: Preparing the Room
Before 2013, Bhutan’s reinsurance story was still unfolding…
The development of Reinsurance services in Bhutan was first marked by the emergence of Insurance sector in mid-1970s. The visionary leadership of His Majesty the Fourth Druk Gyalpo, Jigme Singye Wangchuck led the establishment of Royal Insurance Corporation of Bhutan Limited (RICBL) under the Royal Charter. Instituted on 7 January 1975, it became Bhutan’s first insurance company to provide both life and general insurance services.
The creation of RICBL marked an important milestone in Bhutan’s financial sector development. It formed part of the early yet broader national vision to strengthen domestic institutions and support the country’s socio-economic progress Insurance in Bhutan. Before the establishment of the first dedicated reinsurance company in 2013, the reinsurance landscape in Bhutan was characterized by a reliance on foreign, mostly Indian reinsurer.
Local primary insurer, the Royal Insurance Corporation of Bhutan Limited (RICBL), relied heavily on facultative and treaty reinsurance support from Indian partners Annual Report,, notably General Insurance Corporation of India (GIC Re). Before the establishment of the first dedicated reinsurance company in 2013, the reinsurance landscape in Bhutan was characterized by a reliance on foreign, mostly Indian reinsurer.
Over time, Bhutan’s insurance industry served as the early arrangements for reinsurance industry that would gradually expand in the later years. In the course of decades, the insurance sector in Bhutan grew to include one dedicated to reinsurance services, reflecting the country’s continued efforts to build a resilient and well-structured financial system. Discover the History
Inception: Birth of GIC-Bhutan Re (2013)
The formal chapter opened on May 16, 2013, with incorporation under Bhutan’s Companies Act of 2000 as GIC-Bhutan Reinsurance Company Limited-a joint venture Foreign Direct Investment (FDI) company reflecting Indo-Bhutanese trust between General Insurance Corporation of India (GIC Re) (26%), Bhutanese promoters Dasho Sangay Wangchuk (17%) and Aum Damchae Dem (12%), and public shareholders (45%). Licensed for General Reinsurance Business on August 12, 2013, by the Royal Monetary Authority (RMA) under the Financial Services Act 2011, operations launched on September 5, 2013, graced by the Honorable Finance Minister Namgay Dorji and His Excellency, VP Haran, the Indian Ambassador to Bhutan.
GIC-Bhutan Re, began as a joint venture with an initial paid-up capital of Nu. 500 Million which was doubled to Nu.1100 Million by 2022. The venture started with the main objective to give capacity and support to Insurance companies in Bhutan and contributing in the country’s socio-economic goal.
The launch of GIC-Bhutan Reinsurance Company Limited occurred during a period of Indian Rupee (INR) shortage in Bhutan. Establishing a domestic reinsurer helped create employment opportunities and reduce the outflow of INR by retaining reinsurance premiums within the country.
Distinguished Guests at GICB Inauguration Ceremony, Hotel Taj Tashi, September 5, 2013. Source: GICB Archive
During the launch event, according to the Chairman and the promoter Dasho Sangay Wangchuk, the efforts and hard work towards launching the company was started way before. He shared that partnering with one of the world’s top reinsurer GIC Re, would add notable value to the company, ensuring that GIC-Bhutan Re would be the region’s top reinsurer in the future.
The first CEO of GIC-Bhutan Re (2013-2017), Mr. Wangchuk Namgyel noted that everyone has suffered losses from negligence or natural disasters, but those with insurance recovery with minimal disruption by transferring risk to insurers. He added that insurers can now settle even large claims by reinsuring with reinsurers. CEO also expressed hope that GIC-Bhutan Re would leverage GIC’s business skills, expertise, and superior services.
Founding Vision
The founding CEO of GIC-Bhutan Re, Mr. Wangchuk Namgyel led the team through its inaugural era from 2013 until January 2017. During the Asia Insurance Review interview,2014, he shared that over the course of one year, the company has been exploring different markets on establishing operational foundations. He outlined the company’s goal to harness international expertise-through GIC Re drawing superior services in Bhutan and beyond. The vision of elevating the nascent company to be a top regional reinsurer through introduction to global standards was emphasized. This tenure laid a strong foundation to the early beginnings of GIC-Bhutan Re.
Celebrating One Year of Operation(2014)
In September 5, 2014, GIC-Bhutan Re marked its first anniversary with a grand event in Thimphu, marking one year of successful operations and regional reinsurance partnerships. The celebration took place at Hotel Taj Tashi in Thimphu, attended by distinguished guests including Lyonpo Damchoe Dorji, Bhutan’s Home Minister, Shri G S Sandhu, Secretary of the Department of Financial Services (DFS), Ministry of Finance, Government of India and Dasho Lam Dorji, Finance Secretary of the Royal Government of Bhutan.
CEO, Mr. Wangchuk Namgyel’s Address during the 1st Anniversary of GICB, Hotel Taj Tashi, September 5, 2014. Source: GICB Archive
The event highlighted the strong cooperation between the two neighboring nations to enhance financial inclusion in their respective countries. Read the full story
Formative Years: The Building Blocks
As a sole company emerging through the realm of reinsurance, GIC-Bhutan Re, gradually encountered growth and experiences for itself. The evidence to the persistent progress was showcased through the outcome in its fourth year (2016), where the company expanded beyond South Asia into the Middle East, CIS, and African markets, as noted in (AsiaInsuranceReview)
Thereon, the company targeted BTN 250 million (~US$3.76 million) in gross premiums for the year ending December 31 2016, up from BTN 125 million (year 2013), BTN 179 million (year 2014), and an estimated BTN 200 million (year 2015). At the 3rd Anniversary in Thimphu, CEO Mr. Wangchuk Namgyel said: “We participate in treaties across Southeast Asia, CIS, SAARC, Middle East, and Africa, with retro support extending beyond SAARC”.
Established in 2013 with BTN 500 million paid-up capital, these early steps fueled sustained growth since then, thereby the gross premiums would later even hit Nu 1,999 million by 2023 (GIC-Bhutan Re)
Leadership Legacy
Source: GICB Archive
Mr. Wangchuk Namgyel, as the founding CEO (2013–2017) led the company through September 2013 launch amid INR shortages. Under his early efforts, regional reinsurance treaties were pioneered, as noted in The Bhutanese, 2013. His initiatives were marked by the expansion of company reach into Southeast Asia, CIS, Middle East, and Africa.
Source: GICB Archive
Following the farewell to the inaugural CEO, Mr. Vikrant Gangadhar Parate, seconded from GIC Re India continued the position as the next CEO from January 2017. His tenure was marked by his notable leadership that enabled premium growth and ensured strengthened operations and partnerships. By this time, GIC-Bhutan Re reached its operations as far as SAARC, ASEAN, MENA, Central Asia, EU & FSU countries according to the Annual Report 2017.
Source: GICB Archive
A significant turn for the company took place during the “Emerging Asia Insurance Award & Conclave” organized by Indian Chambers of Commerce (ICC) where GIC-Bhutan Reinsurance Company Limited, then a maiden company secured the award of “Best Emerging Reinsurance Company” on May 28, 2018 at Rembrandt Hotel Bangkok.
Source: GICB Archive
The CEO highlighted that the company has been moving forward with strategy and planning and is doing quite well since its launch. With its presence extending in more than 30 countries, he noted the award as an encouragement to drive its further development.
For further insights, you may Watch the Interview with CEO. You can also explore GIC-Bhutan Re in the News to learn more about our journey.
Succeeding the second CEO, Mr. Kesang Wangdi, joined the company as the 3rd CEO since January 2020 which was extended with a reappointment ceremony in January, 2025. Since then, under the guiding light of the new CEO, GIC-Bhutan Re has been discovering greater heights and opportunities to explore the holistic areas for the company’s development.
Under his leadership, GIC-Bhutan Re has experienced remarkable growth in its human resources, taking to the significant expansion in employee strength. The company with the new CEO onboard since 2020 has also demonstrated consistent financial progress, reflected in steadily increasing reserves. One of the most notable initiatives under the CEO’s guidance has been the strengthening of regional networks, which are now more robust and impactful than ever before.
Source: GICB Archive
His 27+ years of expertise has aided the company’s flow in navigating COVID challenges while securing Best Reinsurer of the Year (2022), Best Reinsurer of the Region (2023) and Best Reinsurer in Bhutan (2025) at Emerging Asia Insurance awards.
The dynamic leadership of Mr. Kesang Wangdi as the CEO has been a key factor in leading the company to significant growth by double the digit since the year 2020.
Today, as Bhutan’s only reinsurer, GIC-Bhutan Re has built credibility and recognition in the region and beyond under the current leadership of Mr. Kesang Wangdi.
Looking Ahead
Since the very beginning, the building blocks for the company and its journey was anchored on the strong principles. The guiding vision to become the specialized Reinsurance solution provider has fueled our commitment to achieving our mission one after another.
Our mission-to lead reinsurance in the Southern region, create value through expertise, build partner confidence, and drive national economic growth-remains our timeless priority.
From a simple origin in 2013 to award-winning excellence in the bygone years, GIC-Bhutan Re has journeyed into becoming Bhutan’s reinsurance cornerstone till date. Since 2013, from strengthening national resilience to expanding across borders, our journey continues-driven by purpose, partnership, and progress.
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