General Insurance Corporation of India (GIC Re) Company Profile: Products, Promoters and Clients
General Insurance Corporation of India (GIC Re) Company Description
General Insurance Corporation of India( GIC Re) is a leading reinsurance company primarily engaged in the business of reinsurance.GIC Re manages the reinsurance requirements of the Indian insurance request. It operates both domestically and internationally, it offers a diversified portfolio of reinsurance products and services. As the only Indian reinsurer registered with the nonsupervisory authority and listed on Indian stock exchanges, GIC Re holds a significant position in the global reinsurance request, ranking as the 16th largest global reinsurer group. The company has a strong presence in around 140 countries, serving as a reinsurance results mate for regions including Afro- Asia, SAARC countries, South East Asia, the Middle East, and Africa.
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Q1. What are the Product and service offerings of General Insurance Corporation ?
GIC Re provides reinsurance services across various lines of business:
- Fire Insurance - 33% of Gross Premium
- Marine Hull Insurance - 1% of Gross Premium
- Marine Cargo Insurance - 13% of Gross Premium
- Agriculture Insurance - 11% of Gross Premium
- Health Insurance - 13% of Gross Premium
- Motor Insurance - 21% of Gross Premium
- Miscellaneous Others - 4% of Gross Premium
- Life Insurance - 4% of Gross Premium
The company supports 54 direct general and life insurance companies in India and receives a statutory cession of 5% on each policy, subject to certain limits. It also offers reinsurance solutions to international clients through its subsidiaries and offices located in the UK, Russia, UAE, and Malaysia.
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Q2. Who are the Promoters/Management of Insurance Corporation ?
Government of India owns 85.78% stake in the company.
Shri N. Ramaswamy, Chairman and Managing Director of General Insurance Corporation of India, joined GIC in 1988 and has over three decades of experience in various functions within the company. He has extensive expertise in reinsurance, covering all non-life classes such as Fire, Engineering, Miscellaneous, Motor, Liability, Aviation, Marine, and Agriculture, and has managed portfolios globally.
During his tenure in the Indian insurance market, he tackled the challenges of a fast-evolving non-tariffed portfolio, leading many treaties and devising innovative solutions for client portfolio protection and capital relief. As CEO of GIC's UK operations for four and a half years, he oversaw the branch operations, the new Lloyds syndicate (GIC 1947), and the Corporate Member of GIC. At the head office, he played a pivotal role in implementing "Project Parivartan," a significant HR initiative aimed at transforming GIC.
Q3. Who are the Clients of the company?
GIC Re's clients include direct general and life insurance companies in India and abroad. Specifically, the company provides reinsurance support to:
- Domestic insurance companies in India
- International clients in approximately 140 countries, with significant presence in SAARC countries, South East Asia, the Middle East, and Africa
By diversifying its clientele and geographical reach, GIC Re ensures comprehensive coverage and risk management for a broad spectrum of insurance companies globally.
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Written By:Khush Kothari