General Insurance Corporation, (abbreviated as GIC), is an Indian public sector reinsurance company, headquarters in Mumbai, India.
All direct general insurance companies of India are required by law to cede a mandatory percentage of every policy value to GIC Re subject to some limitations and exceptions.
[9] At the time of its creation, GIC was headquartered in the fourth floor of Industrial Assurance Building owned by LIC.
GIC acquired Jeevan Kendra that belonged to LIC and housed its Bombay Zonal Office.
GIC Re's various line of business are headed by the General Managers namely Ms. Reena Bhatnagar, Mr. Deepak Prasad, Ms. Madhulika Bhaskar, Mr. Sashikant More, Ms. Suchita Gupta, and Mr. S L Tripathy.
The remit of the subsidiary is to write business in all classes of reinsurance emanating from Russia and former Soviet Union countries, namely, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan.
As part of its global business outlook, GIC Re has been providing capacity to Lloyd's syndicates through quota share capital gearing treaties since 2011.
The primary business of GICHFL is granting housing loans to individuals and to persons/entities engaged in construction of houses/flats for residential purposes.
The Pool has now completed 18 years of successful operation and continuing to provide automatic capacity to the domestic insurance companies for covering terrorism risk.
FNCRIP was formed under the ambit of FAIR[13] (Federation of Afro-Asian Insurers and Reinsurers) to meet the reinsurance requirements of insurers in the Afro-Asian region for natural catastrophe covers in the backdrop of increased frequency and severity of natural catastrophe events in the region.
The pool is backed by 13 strong regional insurers and reinsurers with good rating among which some are Government owned as well.
INIP[14] was formed in view of the enactment of Civil Liability for Nuclear Damage Act, 2010, as an initiative of GIC Re along with other domestic non-life Insurance companies by pooling the capacity to provide insurance covers for nuclear risks.