CO POWERED BY PARTNER
Formed under the General Insurance Business (Nationalisation) Act, 1972 General Insurance Corporation of India (GIC Re) has come a long way from being a holding company to India’s leading reinsurer. The corporation with assets of Rs. 25 crore in 1972 now has total assets of Rs. 94,949 crore, recording a gross premium income of Rs. 33,585 crore in FY 2016-17, a growth of 82% over the previous financial year (FY).
This growth was recorded largely due to the unstinting reinsurance support to the Pradhan Mantri Fasal Bima Yojana (PMFBY), where we have provided majority of the reinsurance support to domestic insurers. GIC Re has been designated as the Technical Support Unit to the Indian agriculture insurance sector by the Government of India.
We have also recorded significant growth in our traditional classes of business such as motor and health, and even without crop insurance premiums our gross premium has grown by 30%. In terms of market share, we are the largest reinsurer in India having accounted for close to 60% of premiums ceded by Indian insurers to reinsurers in FY 2016-17.
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. GIC Re is also an international reinsurer that underwrites business from 161 countries as at March 31, 2017. GIC Re is ranked as the 12th largest global reinsurer and the 3rd largest Asian reinsurer in terms of gross premiums accepted. Given the growth rate GIC Re may possibly end the Fiscal year as being the 10th Largest Global Reinsurer. GIC Re has been rated A- Excellent by AM Best consistently for last 10 years.
Through more than four decades of operations, GIC Re operates across multiple classes of business, providing reinsurance support to both domestic and international insurance companies. The major classes of business that GIC Re provides reinsurance support to are agriculture, property, engineering, marine, aviation, motor, liability, miscellaneous and health. The corporation is the market leader in the reinsurance space in India and has a significant presence in the Afro-Asian markets as well.
GIC has branch offices in Dubai, London and Kuala Lumpur and a representative office in Moscow; subsidiaries in South Africa & UK; joint ventures in Bhutan & Singapore. With eventual reinsurer license in Brazil and strategic investments in Asian Re, East Africa Re, Kenindia & Agricultural Insurance Corporation of India, GIC Re is a truly global reinsurance group.