Background

General Insurance Corporation of India (GIC) was incorporated in 1972 by the GoI in pursuance of the General Insurance Business (Nationalisation) Act, 1972 for the purpose of controlling and carrying on the business of general insurance. Pursuant to the IRDA Act of 1999, GIC Re was re-notified as the Indian reinsurer in Nov 2000.

Business Profile

GIC Re provides reinsurance to the direct general insurance companies in the Indian market and is also a reinsurance solutions partner Indian sub-continent, SAARC nations, Afro-Asian region and the Middle East. The company offers reinsurance in areas of fire & engineering, marine cargo & hull, aviation, life, health and personal accident, liability, credit and agriculture. To support its international operations, the company has three overseas offices, on each in Moscow, London and Dubai. GIC Re is also the manager of the third party motor pool. The net earned premium during FY08 recorded a y-o-y growth of over 37% where as the net claims incurred grew y-o-y by 65%. As on Mar 31, 2008 the company had an incurred claims ratio of 83.16%.