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General Insurance Corporation (GIC) of India

History of GIC Re

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 and Mission

Vision statement: "To be a leading global reinsurance and risk solution provider"

Mission: To achieve our vision by:

  • Building long-term mutually beneficial relationship with business partners
  • Practicing fair business ethics and values
  • Applying "state-of-art" technology, processes including enterprise risk management and innovative solutions
  • Developing and retaining highly motivated professional team of employees
  • Enhancing profitability and financial strength befitting the global position”

Business of GIC Re


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:

PropertyRs. 15000 million. Any one risk
Energy$ 125 million
MarineHull - $ 125 million. any one vessel
CargoCargo $ 125 million. Any one policy/sending
EngineeringRs. 15000 million. Sum Insured
MiscellaneousRs. 2500 million. Sum Insured
LiabilityRs. 2500 million per occurrence
SparesRs. 250 million
HealthRs. 2500 million
Agriculture/Weather Insurance (Domestic)Rs. 4,000 crores on Sum Insured/PML basis.
Motor & Workmen CompensationRs. 35 Crores (Facultative)
Motor & Workmen CompensationRs. 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:


TypeOn PML BasisSum Insured
FacultativeUS $ 20 millionUS $ 50 million
TreatyUS $ 4 millionUS $ 10 million

Marine Hull, Cargo & Offshore Energy

TypeCargoAny One HullEnergy
Facultative Contnent R1C2$ 20 million$ 125 million
Treaty$ 20 million$ 20 million$ 20 million


TypeAny One HullLiability (AOO)
AirlinesInternationalUS $ 17.5 millionUS $ 150 million
DomesticUS $ 35 millionUS $ 200 million
GAInternationalUS $ 7.5 millionUS $ 75 million
Domestic & SAARCUS $ 30 millionUS $ 250 million
TreatyProportionalUS $ 4 million Any One TreatyUS $ 4 million Any One Treaty
Non-ProportionalUS $ 12 million Mln Any One ProgrammeUS $ 12 million Mln Any One Programme


TypeLimit of Liability basis (Claims made basis covers)
FacultativeUS $ 10 million
Treaty ProportionalUS $ 6 million
Non-ProportionalUS $ 8 million


TypeMiscellaneousS I Basis
FacultativeUS $ 20 millionUS $ 50 million
TreatyUS $ 4 millionUS $ 10 million

Motor (SI)

FacultativeUS $ 5 million
TreatyUS $ 10 million


TypeCapacity Offered
Proportional250 million/ US $ 5 million per person
Non-proportional750 million/ US $ 15 million per treaty

Agriculture/Weather Insurance

TypeCapacity 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

Overseas Offices of GIC Re

GIC of India – Dubai Branch

Classes of Reinsurance BusinessTypes

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)


Other than Aviation10,000,0004,000,000n
Other than Aviation50,000,00020,000,000


Office # 202, RHS Building , Khalid Bin Walid Road, Bur Dubai, P.O. Box #119156, Dubai, UAE Tel:+97143936611 (Board) , Fax: +97143936672, e-mail:

GIC of India - Labuan Branch (IS2010106), Malaysia

Classes of Reinsurance BusinessTypes
Non Marine: Fire, Engineering, Miscellaneous accident, MotorTreaty
Marine: Cargo & HullFacultative
Offshore: Oil & Energy

Jurisdiction/Area of Operation:

ASEAN Region – Brunel, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam


TypeSum Insured (USD)PML Basis (USD)
Treaty: Conventional & Retakaful
Non MarineUSD 2 MillionUSD 4 Million
USD 2.5 Million USD 4 Million
TypeSum Insured (USD)PML (USD)
Non MarineUSD 50 MillionUSD 20 Million
MarineUSD 2.5 Million


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

GIC of India – UK, London Branch

Jurisdiction/Area of Operation:

UK & European Union Countries (excluding Turkey & Former Soviet Union Countries), Caribbean Islands, Mexico, Brazil and Argentina


Other than Aviation10,000,0004,000,000
Aviation Business500,000 any one acceptance
Facultative – Other than Aviation
Non Marine Property50,000,00020,000,000
Facultative – Aviation
TypeAny One Hull (USD)Liability Any One Occurance (USD)
Airline GeneralAny one Hull (USD) 10 millionLiability any one occurrence (USD) 100 million
AviationAny one Hull (USD) 10 millionLiability any one occurrence (USD) 100 million

Key Persons: Mr. N. Ramaswamy, Deputy General Manager


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]

GIC of India – Moscow Representative Office

Key Persons: Mr Vichar Bhatt, Representative


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

Subsidiary Company - GIC Re South Africa Ltd.

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 BusinessPML BASISSI BASIS
Treaty – PropFacultativeTreaty - PropTreaty - Non-PropFacultative
Aviation USD 4 M USD 12 M
AirlinesUSD 2 MUSD 6 MUSD 17.5 M – Hull USD 150 M - Liability
General AviationUSD 2 MUSD 6 MUSD 7.5 M – Hull USD 75 M - Liability
PropertyUSD 4 MUSD 20 MUSD 10 MUSD 25 MUSD 50 M
EngineeringUSD 4 MUSD 20 MUSD 10 MUSD 25 MUSD 50 M
Limit of Liability BasisUSD 5 M (LOL Basis)USD 3 MUSD 4 MClaims Made Basis
CargoUSD 7.5 MUSD 7.5 M
Any One HullUSD 3 MUSD 5 M
EnergyUSD 45 MUSD 45 M
MiscellaneousUSD 4 MUSD 20 MUSD 10 MUSD 25 MUSD 50 M
MotorUSD 10 MUSD 10 MUSD 5 M
AgricultureUSD 10 MUSD 10 MUSD 10 M

Contact Details of GIC Re Mumbai

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

Contact Details of GIC Re SA

Office Address: First floor, Block C, Rivera Office Park, 6-10 Riviera Rd, Johannesburg, 2193 Republic of South Africa Telephone: +27 11 8770760

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