General Insurance Corporation of India (GIC Re) was approved as ‘Indian Reinsurer’ on 3rd November,2000. As an Indian reinsurer GIC has been giving reinsurance support to four public sector & other private general insurance companies. It continues its role as reinsurance company, facilitates managing Marine Hull Pool & Terrorism Pool on behalf of Indian Insurance Industry. As per the directive of IRDA, Indian Motor Third Party Insurance Pool has been set up by all General Insurers in India to collectively service Commercial Vehicle Third Party Insurance Business and the Corporation has been selected as the Pool Administrator. The Reinsurance programme of GIC aims at optimizing the retention within the country and developing adequate reinsurance capacity.
The Corporation has its presence in foreign reinsurance business through branch office in Dubai and London and representative office in Moscow. Apart from reinsurance business, GIC continues to participate in the share capital of Kenindia Assurance Company Ltd. (Kenya), India International Insurance Pvt.Ltd., Singapore and LIC (Mauritius) Offshore Ltd., a joint venture company promoted by LIC of India in Mauritius.
After opening up of the insurance sector and de-linking from GIC in 2000, the four General Insurance Companies, namely, National Insurance Company Ltd., New India Assurance Company Ltd., Oriental Insurance Company Ltd., and United India Insurance Company Ltd., are functioning independently. They have formed an association known as General Insurers’ (Public Sector) Association of India (GIPSA) with headquarters in Delhi.
The four Public Sector General Insurance Companies have a network of 101 Regional Offices, 1395 Divisional Offices, 2880 Branch Offices in India and 43 Overseas Offices.