General Insurance Corporation of India (GIC Re), the national reinsurer released its Customized Corporate My Stamp (CCMS) commemorating it’s Golden Jubilee last evening, 05th September 2023. The stamp was released by Shri Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of Finance and the occasion was graced by Shri Krishan Kumar Sharma, Chief Postmaster General, Maharashtra Circle.
The Corporation celebrated its 50th Foundation Day on 22nd November 2021. The General Insurance Business was nationalized and the general insurance companies operating in the country were merged to form 4 subsidiaries with GIC of India as the holding company on 1st January 1973. Further, GIC of India was notified as “Indian Reinsurer” on 3rd November 2000 and on 21st Mach 2003 GIC ceased to be the Holding Company of the four PSU General Insurance Companies.
GIC Re which is the trading name of General Insurance Corporation of India is governed by the Board of Directors under the Chairmanship of a whole time Chairman and Managing Director. GIC Re is a listed and a fully corporate governance compliant Company. Its regulated by IRDAI (Insurance Regulatory and Development Authority of India) and is declared as a Domestic Systematically Important Insurer (DSII) by IRDAI.
GIC Re has expanded its operations through branch offices, subsidiaries and joint ventures so as to expand the reach of the operations into multiple countries throughout the world viz. Branch Offices in London, Dubai and Malaysia, three wholly owned subsidiaries viz. GIC Re South Africa Ltd., Johannesburg; GIC Re, India, Corporate Member Limited, London and GIC Perestrakhovanie LLC, Moscow and joint venture viz. GIC Bhutan Re Ltd.
Secretary DFS was all in praise for the laudable work done by GIC Re in the last 50 years in rising to the needs of the nation and ensuring continuity of trade and commerce in the country.
The Secretary suggested that GIC Re should consider growth in Life Reinsurance business and keep up-breast with changes in technology and adapt ourselves to the challenges and opportunities which would come with the ensuing growth in economy and market changes.
About General Insurance Corporation of India
Incorporated in 1972, General Insurance Corporation of India (GIC), the Indian Reinsurer, is the largest reinsurance company in India in terms of gross premiums accepted in FY23. GIC Re provides reinsurance across many key business lines including fire (property), marine, motor, engineering, agriculture, aviation/space, health, liability, credit and financial and life insurance. GIC Re was a wholly owned company of the Government of India until it issued its first tranche of IPO shares in October 2017.
The Corporation has also diversified its business geographically to grow its underwriting business and profitability as well as to maintain a balanced portfolio of risks. It has developed its overseas business through its home office in Mumbai, branch offices in London, Dubai and Kuala Lumpur, subsidiary in the United Kingdom that is a member of Lloyd’s of London, a subsidiary each in South Africa and Russia. GIC Re also has its own Syndicate at Lloyd’s, GIC Re 1947.
Through its more than 50 years of experience and commitment in providing reinsurance products and services, GIC Re has become a trusted brand to its insurance and reinsurance customers in India and overseas.