General Insurance Corporation of India

From WikiMD's medical encyclopedia

General Insurance Corporation of India (GIC Re) is a state-owned insurance company in India. It was incorporated on 22 November 1972 under the Companies Act, 1956. GIC Re is the largest reinsurance company in India in terms of gross premiums accepted in fiscal 2017, and accounted for approximately 60% of the premiums ceded by Indian insurers to reinsurers during fiscal 2017, according to CRISIL Research.

History

GIC Re was formed for the purpose of superintending, controlling and carrying on the business of general insurance. As soon as GIC was formed, Government of India transferred all the shares it held of the general insurance companies to GIC. Simultaneously, the nationalised general insurance companies were made subsidiaries of GIC.

Operations

GIC Re provides reinsurance across many key business lines including fire (property), marine, motor, engineering, agriculture, health, liability, credit and financial and life insurance. Through its branches in London, Dubai, Kuala Lumpur, Moscow and a subsidiary in South Africa, GIC Re has a global footprint and is actively looking to expand its business globally.

Financial Performance

GIC Re has consistently been profitable since its inception and has shown steady growth in its gross premiums and profits. The company's total gross premium income for the year ended March 31, 2017, was ₹41,799 crore, an increase of 82.2% over the previous year.

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    General Insurance Corporation of India

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Contributors: Prab R. Tumpati, MD