General Insurance Corporation of India

Incorporated in 1972, the General Insurance Corporation of India, or GICI, came into existence through the General Insurance Business (Nationalization) Act, also known as GIBNA. This act aimed to supervise, control, and conduct the business of General Insurance in India. 

Fast forward to 2002, and there was an amendment to GIBNA.

During this period, GICI underwent a makeover, rebranding as GIC Re and emphasizing its focus on reinsurance. The company is headquartered in India. 

Business Segment

The businesses cover these business services:

• Primary Segment: offers reinsurance services
• Services Offered: the company provides reinsurance to direct general insurance companies, covering various classes of business such as fire, motor, aviation, engineering, health, agriculture, marine hull, marine cargo, and life, among others

Geographical Presence

The company has the largest reinsurance market in India. Internationally, it operates three overseas offices in London, Dubai, and Malaysia. It also collaborates with reinsurance partners in the Afro-Asian region, providing reinsurance programs for insurance companies in the Middle East, North Africa, and Asia.