General Insurance Corporation of India (GIC Re) is India’s national reinsurer. It offers reinsurance across 137 countries. In FY2024, GIC Re recorded $4.5 billion in premium income, holding a 67 percent share of India’s reinsurance market.
The organization was set up in 1972 by the Indian government. It was created to manage and grow the country’s general insurance and reinsurance sector. Over the years, GIC Re became India’s national reinsurer and expanded its global footprint.
Other key moments that shaped General Insurance Corporation of India’s journey include:
1980: four public insurers became GIC subsidiaries after major national mergers
2000: IRDA Act ended GIC’s control over its four insurance subsidiaries
2003: officially became a dedicated reinsurer under new legal structure
2016: retained over 60 percent of reinsurance market as sector opened
2022: GIC Re was named one of the world’s 50 largest reinsurers
General Insurance Corporation of India announced bold plans to grow its global reinsurance presence. It is working to boost its credit rating and expand beyond India.
General Insurance Corporation of India offers a wide mix of reinsurance products and services that support insurers across many risk areas:
treaty reinsurance: covers a portfolio of risks under fixed yearly agreements with insurers
facultative reinsurance: handles single, large, or complex risks not covered by treaties
proportional reinsurance: shares premiums and losses between GIC Re and insurers by set percentages
non-proportional reinsurance: pays only when losses pass a certain amount, useful for major events
working covers: protects frequent, smaller claims in areas like auto, health, or property
catastrophe covers: guards against natural disasters like floods, earthquakes, and cyclones
retakaful and specialty lines: supports Shariah-compliant reinsurance and unique regional risks
GIC Re’s wide service range supports both stable growth and strong risk resilience for its clients. Its tools help insurers manage risk with scale, trust, and global insight.
General Insurance Corporation of India aims to lead the global reinsurance space through strong service and trust. Its vision focuses on delivering smart risk solutions that support clients in every region:
GIC Re moves forward by balancing innovation, ethics, and performance in a growing global market. Its mission includes the following:
trusted partnerships: builds long-term and shared success with reinsurers and business partners
ethical culture: follows fair practices and strong values in daily work and decisions
tech and risk tools: uses smart systems, enterprise risk methods, and digital processes
people-first mindset: invests in skilled, motivated teams and keeps talent over time
financial strength: drives profit and stability to match its global reinsurer role
They have stayed steady through change, growing stronger and more unified with each new step. Its focus remains on long-term success built on clarity, purpose, and shared trust.
These guide every part of General Insurance Corporation of India’s work:
trust and mutual respect: builds strong ties through open communication and shared goals
professional excellence: delivers high-quality work through skilled people and focused standards
integrity and transparency: ensures honest conduct and clear, reliable reporting
commitment: follows through on responsibilities with discipline and resolve
responsive service: meets client needs quickly with flexible, practical solutions
General Insurance Corporation of India also supports national recovery during emergencies through timely aid and responsible action. This includes contributions to relief efforts such as the PM-CARES fund during the COVID-19 crisis.
GIC Re’s motto, Āpatkāle Rakṣiṣyāmi, means “I shall protect you in times of distress.” It was officially adopted in 1976 and reflects the company’s core duty to offer support during crises. The phrase was added to its logo in the 1980s and remains part of its identity today.
GIC Re plans to grow its global business and reduce reliance on domestic premiums. It aims to improve its international credit rating to access better reinsurance opportunities. The company expects overseas expansion to gain momentum soon.
India’s reinsurance space is changing, with IRDAI approving Valueattics as an exclusive reinsurer. General Insurance Corporation of India stands firm with its strong capital, market trust, and global strategy. Its focus on “risk solutions” and scale keeps it ahead in a growing, competitive field.
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