The government of India nationalized the entire general insurance business in the country through the General Insurance Business (Nationalisation) Act, 1972. The shares of 55 Indian insurers as well as the undertakings of 52 insurers carrying on non-life insurance business were taken over by the government through nationalisation.
GIC was established in pursuance of Section 9(1) of General Insurance Business (Nationalisation) Act, 1972. It was formed on 22 November, 1972, under the Companies Act, 1956, as a private company limited by shares. Its functions then included superintending, controlling and carrying on the business of general insurance. The government transferred all of its shares in the non-life insurers to GIC, and the nationalised undertakings were transferred to Indian insurers. After a process of mergers among the insurance companies, four remained as fully-owned subsidiary companies of GIC, namely National Insurance Co. Ltd., The New India Assurance Co. Ltd., The Oriental Insurance Co. Ltd. and United India Insurance Co. Ltd.
When the Insurance Regulatory and Development Authority Act, 1999, was introduced, however, the exclusive privilege of GIC and its subsidiaries undertaking general insurance business in India was removed. In November 2000, GIC was formally designated as a reinsurer and its supervisory role over the four subsidiaries came to an end. Once the General Insurance Business (Nationalisation) Amendment Act, 2002 (40 of 2002), came into effect from 21 March 2003, GIC was no longer a holding company of its subsidiaries. The ownership of GIC and the four subsidiary companies was vested with the government.
(Note - All the information contained in this page has been sourced from the official website of GIC Re)
Vision statement: "To be a leading global reinsurance and risk solution provider"
Mission: To achieve our vision by:
GIC Re is currently the sole reinsurer in the Indian reinsurance market. It receives statutory cession of 5% on every policy, subject to certain limits. The company leads several treaty programmes and facultative placements of domestic companies.
The reinsurer’s capacity for every class of business (domestic) on Treaty and Facultative basis is as follows:
| Class | Capacity |
|---|---|
| Property | Rs. 15000 million. Any one risk |
| Energy | $ 125 million |
| Marine | Hull - $ 125 million. any one vessel |
| Cargo | Cargo $ 125 million. Any one policy/sending |
| Engineering | Rs. 15000 million. Sum Insured |
| Miscellaneous | Rs. 2500 million. Sum Insured |
| Liability | Rs. 2500 million per occurrence |
| Spares | Rs. 250 million |
| Health | Rs. 2500 million |
| Agriculture/Weather Insurance (Domestic) | Rs. 4,000 crores on Sum Insured/PML basis. |
| Motor & Workmen Compensation | Rs. 35 Crores (Facultative) |
| Motor & Workmen Compensation | Rs. 100 Crores (Treaty) |
GIC Re is leading the reinsurance programmes of various insurance companies in SAARC countries, Middle East, South East Asia, and Africa. It has opened representative/liaison/ branch offices in Moscow and London. The reinsurer offers the below underwriting capacities to its international clientele:
| Type | On PML Basis | Sum Insured |
|---|---|---|
| Facultative | US $ 20 million | US $ 50 million |
| Treaty | US $ 4 million | US $ 10 million |
| Type | Cargo | Any One Hull | Energy |
|---|---|---|---|
| Facultative | Contnent R1C2 | $ 20 million | $ 125 million |
| Treaty | $ 20 million | $ 20 million | $ 20 million |
| Type | Any One Hull | Liability (AOO) | |
|---|---|---|---|
| Airlines | International | US $ 17.5 million | US $ 150 million |
| Domestic | US $ 35 million | US $ 200 million | |
| GA | International | US $ 7.5 million | US $ 75 million |
| Domestic & SAARC | US $ 30 million | US $ 250 million | |
| Treaty | Proportional | US $ 4 million Any One Treaty | US $ 4 million Any One Treaty |
| Non-Proportional | US $ 12 million Mln Any One Programme | US $ 12 million Mln Any One Programme |
| Type | Limit of Liability basis (Claims made basis covers) |
|---|---|
| Facultative | US $ 10 million |
| Treaty Proportional | US $ 6 million |
| Non-Proportional | US $ 8 million |
| Type | Miscellaneous | S I Basis |
|---|---|---|
| Facultative | US $ 20 million | US $ 50 million |
| Treaty | US $ 4 million | US $ 10 million |
| Type | Motor |
|---|---|
| Facultative | US $ 5 million |
| Treaty | US $ 10 million |
| Type | Capacity Offered |
|---|---|
| Proportional | 250 million/ US $ 5 million per person |
| Non-proportional | 750 million/ US $ 15 million per treaty |
| Type | Capacity Offered |
|---|---|
| Agriculture/Weather Insurance (Foreign) | USD 50 mln on Sum Insured basis and USD 25 mln on PML basis |
Source: Official website of GIC Re
| Classes of Reinsurance Business | Types |
|---|---|
| Property | Treaty |
| Casualty | Facultative |
| Marine | |
| Energy |
Jurisdiction/Area of Operation:
Middle East Region (Bahrain, Cyprus, Iran, Iraq, Jordan, Kuwait, Lebanon, Oman, Palestine, Qatar, Saudi Arabia, Syria, United Arab Emirates, Yemen, Algeria, Egypt, Libya, Morocco, Sudan and Tunisia)
Capacities:
| Type | S.I. (USD) | PML (USD) |
|---|---|---|
| Treaty | ||
| Other than Aviation | 10,000,000 | 4,000,000n |
| Facultative | ||
| Type | S.I. (USD) | PML (USD) |
| Other than Aviation | 50,000,000 | 20,000,000 |
| Energy | 50,000,000 |
Address:
Office # 202, RHS Building , Khalid Bin Walid Road, Bur Dubai, P.O. Box #119156, Dubai, UAE Tel:+97143936611 (Board) , Fax: +97143936672, e-mail: gicre@gicdubai.com
| Classes of Reinsurance Business | Types |
|---|---|
| Non Marine: Fire, Engineering, Miscellaneous accident, Motor | Treaty |
| Marine: Cargo & Hull | Facultative |
| Offshore: Oil & Energy | |
| Health | |
| Agriculture | |
| Liability | |
| Retakaful |
Jurisdiction/Area of Operation:
ASEAN Region – Brunel, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam
Capacities:
| Type | Sum Insured (USD) | PML Basis (USD) |
|---|---|---|
| Treaty: Conventional & Retakaful | ||
| Non Marine | USD 2 Million | USD 4 Million |
| USD 2.5 Million USD 4 Million | ||
| Facultative | ||
| Type | Sum Insured (USD) | PML (USD) |
| Non Marine | USD 50 Million | USD 20 Million |
| Marine | USD 2.5 Million |
Address:
GIC Re, Kuala Lumpur Office, A-18-1,18-17, Level 18, Menara UOA Bangsar, 5 Jalan Bangsar utama 1, Kuala Lumpur – 59000, Malaysia Tel: +603 22820670 & 603 22011328 (Direct) Fax: +603 22820680 E-mail: Treaty:treaty[at]gicmalaysia[dot]com[dot]my Fac: fac[at]gicmalaysia[dot]com[dot]my Claim: claims[at]gicmalaysia[dot]com[dot]my Account/settlement: accounts[at]gicmalaysia[dot]com[dot]my
Jurisdiction/Area of Operation:
UK & European Union Countries (excluding Turkey & Former Soviet Union Countries), Caribbean Islands, Mexico, Brazil and Argentina
Capacities:
| Type | S.I. (USD) | PML (USD) |
|---|---|---|
| Treaty | ||
| Other than Aviation | 10,000,000 | 4,000,000 |
| Aviation Business | 500,000 any one acceptance | |
| Facultative – Other than Aviation | ||
| Type | S.I. (USD) | PML (USD) |
| Non Marine Property | 50,000,000 | 20,000,000 |
| Energy | 30,000,000 | |
| Facultative – Aviation | ||
| Type | Any One Hull (USD) | Liability Any One Occurance (USD) |
| Airline General | Any one Hull (USD) 10 million | Liability any one occurrence (USD) 100 million |
| Aviation | Any one Hull (USD) 10 million | Liability any one occurrence (USD) 100 million |
Key Persons: Mr. N. Ramaswamy, Deputy General Manager
Address:
40 Lime Street, 9th floor, London EC3M 7AW Tel: +44 (0)20 7663 5665 Fax: +44 (0)20 7283 3869 E-mail: Treaty: London[at]gicuk.com
Key Persons: Mr Vichar Bhatt, Representative
Address:
Room No.102-103, Pyatnitskaya Street 12 - 2, 115998 Moscow, Russia Tel.: (Direct): +7 495 725 7327 Fax No: +7 495 725 7326 Email: moscow[at]gicofindia[dot]com
GIC Re South Africa Ltd., a 100% owned subsidiary of GIC Re, began underwriting business from January 1, 2015. The company runs its operations in Johannesburg, writing inward reinsurance and retrocession business in Sub-Saharan Africa. GIC Re South Africa was recapitalized following its acquisition of composite reinsurer Saxum Re. The company's core business philosophy includes application of state-of-art technology, robust governance and risk management framework, mutually beneficial relationships and redefining service delivery mechanism and attitude in the region.
Classes of Business and Capacities
| Class of Business | PML BASIS | SI BASIS | |||
|---|---|---|---|---|---|
| Treaty – Prop | Facultative | Treaty - Prop | Treaty - Non-Prop | Facultative | |
| Aviation | USD 4 M | USD 12 M | |||
| Airlines | USD 2 M | USD 6 M | USD 17.5 M – Hull USD 150 M - Liability | ||
| General Aviation | USD 2 M | USD 6 M | USD 7.5 M – Hull USD 75 M - Liability | ||
| Property | USD 4 M | USD 20 M | USD 10 M | USD 25 M | USD 50 M |
| Engineering | USD 4 M | USD 20 M | USD 10 M | USD 25 M | USD 50 M |
| Liability | |||||
| Limit of Liability Basis | USD 5 M (LOL Basis) | USD 3 M | USD 4 M | Claims Made Basis | |
| Marine | |||||
| Cargo | USD 7.5 M | USD 7.5 M | |||
| Any One Hull | USD 3 M | USD 5 M | |||
| Energy | USD 45 M | USD 45 M | |||
| Miscellaneous | USD 4 M | USD 20 M | USD 10 M | USD 25 M | USD 50 M |
| Motor | USD 10 M | USD 10 M | USD 5 M | ||
| Agriculture | USD 10 M | USD 10 M | USD 10 M |
Registered and Head Office "Suraksha", 170, Jamshedji Tata Road, Churchgate, Mumbai - 400 020, India Tel.: (Board): +91 22 2286 7000 Email: info[at]gicofindia[dot]com
Office Address: First floor, Block C, Rivera Office Park, 6-10 Riviera Rd, Johannesburg, 2193 Republic of South Africa Telephone: +27 11 8770760
