History 

General Insurance Corporation of India, commonly known as GIC, is a predominant force in India's reinsurance sector. It is crucial in shaping numerous domestic companies' treaty programmes and facultative placements. GIC Re has also established a significant international presence, particularly in the Afro-Asian region. It is recognised as a key reinsurance partner for numerous insurance firms in the Middle East, North Africa, and SAARC nations. The corporation has expanded its global footprint with offices in major cities such as London, Dubai, and Kuala Lumpur, and it also maintains a representative office in Moscow. The origins of GIC Re can be traced back to Mumbai on November 22, 1972, when it was established as a private limited company. It transitioned into a public limited company on March 7, 2016. In October 2017, The company was listed on the BSE and NSE with a massive IPO of ₹11,175.84 crores. The corporation received its reinsurance business registration from IRDAI on April 2, 2001. GIC Re was created to oversee, control, and conduct general insurance business. Following its formation, the Government of India transferred all its shares of general insurance companies to GIC Re. This led to a series of mergers among Indian insurance companies, eventually resulting in four primary companies – National Insurance Company Limited, The New India Assurance Company Limited, The Oriental Insurance Company Limited, and United India Insurance Company Limited – becoming GIC Re's fully owned subsidiaries. In November 2000, GIC Re was redesignated as the Indian Reinsurer and its supervisory role over the subsidiaries ceased. Following the General Insurance Business (Nationalisation) Amendment Act 2002, GIC Re was no longer a holding company for these subsidiaries from March 21, 2003, and their ownership was transferred to the Indian government. GIC Re has been involved in various significant initiatives and partnerships. On April 1, 2002, the company was appointed as the Manager of the Terrorism Insurance Pool. In September 2013, GIC Re expanded its international operations by establishing a joint venture reinsurance company in Bhutan named GIC Bhutan Re Limited. It was appointed as manager of FAIR NATCAT Reinsurance Pool in Beijing, China. Additionally, in August 2014, it established GIC Re South Africa Limited, a wholly-owned subsidiary in South Africa. A notable initiative by GIC Re, along with other Indian insurance companies, was the India Nuclear Insurance Pool (INIP) launch on June 12, 2015. With a capacity of ₹1500 crore, this pool was established to address the liability concerns under the Civil Liability for Nuclear Damage (CLND) Act 2010, encouraging participation from Indian and foreign suppliers in nuclear power projects in India. GIC Re, initially a fully government-owned entity, diversified its services across sectors like property, motor, agriculture, marine, engineering, aviation, health, and liability insurance. In October 2017, it went public with an IPO, leading to its stock exchange listing on October 25, 2017. The IPO involved issuing 1.75 crore new shares, raising ₹1,568.6 crore, and a government sale of 10.75 crore shares, garnering ₹9,804 crore at ₹912 per share. This reduced the Indian government's ownership in GIC Re to 85.78%. In a strategic move to expand its operations in Russia, GIC Re's Moscow Representative office was upgraded to a wholly-owned subsidiary named GIC Perestrakhovanie LLC, which commenced operations in August 2020 after receiving its reinsurance operations license from the Central Bank of Russia on January 30, 2020.

Business Segments 

The company's portfolio is diversified across several key business segments:

1. Fire Reinsurance: This segment focuses on offering reinsurance services for damages to properties caused by fires.
2. Marine Hull & Offshore Energy Reinsurance: GIC provides reinsurance solutions for marine-related risks, including damages to hulls and machinery. This segment also extends its coverage to offshore energy risks.
3. Marine Cargo Reinsurance: Specialising in reinsurance for risks associated with cargo in marine transport.
4. Aviation Reinsurance: This segment is dedicated to offering reinsurance for risks linked to aviation, encompassing aircraft accidents and related liabilities.
5. Liability Insurance Reinsurance: GIC covers liabilities that arise from injuries or damages inflicted on third parties caused by the insured products or services.
6. Agriculture Reinsurance: The company also focuses on reinsurance for agricultural risks, such as crop damage resulting from natural disasters.
7. Health Insurance Reinsurance: This segment offers reinsurance for health-related risks, which includes coverage for medical expenses and liabilities.
8. Motor Reinsurance: GIC provides reinsurance for risks related to motor vehicles, covering scenarios like vehicle accidents and comprehensive insurance.
9. Other Miscellaneous Business Lines: In addition to the specific segments mentioned, GIC also deals with various other insurance products and services, encompassing a broad range of coverage areas.

Subsidiaries of General Insurance Corporation of India Limited

General Insurance Corporation of India has established multiple subsidiaries globally. These include:

1. GIC Re South Africa Ltd: This wholly-owned subsidiary of GIC Re India was set up in Johannesburg in 2014 and commenced its operations in January 2015. Its objective is to emerge as a prominent African reinsurer, concentrating on delivering reinsurance solutions across the continent.
2. GIC Re, India, Corporate Member Limited: This subsidiary began its operations on September 30, 2011. It is a functioning entity with its main office in London, United Kingdom. This subsidiary plays a significant role in the GIC's global operations.
3. GIC Perestrakhovanie LLC: Established on November 14, 2018, this subsidiary is entirely owned by the General Insurance Corporation of India. It operates with a reinsurance license granted by the Central Bank of the Russian Federation. The company specialises in all major areas of non-life facultative and treaty reinsurance.

Corporate Actions

Bonus 

• On July 14, 2018, General Insurance Corporation of India announced a bonus issue in the ratio of 1:1.