General Insurance Corporation of India Overview
Pro stress-test →GIC Re (General Insurance Corporation of India) is India's premier reinsurer, providing treaty and facultative reinsurance solutions domestically and internationally. It is an Indian public sector reinsurance company, headquarters in Mumbai, India. The company serves as the mandatory reinsurer for India's domestic general insurance market while underwriting risks globally.
Strategic Profile
Pro stress-test →All direct general insurance companies of India are required by law to cede a mandatory percentage of every policy value to GIC Re subject to some limitations and exceptions, a percentage decided by the IRDAI on an annual basis. Its geographic presence includes locations in the UK, the UAE, Malaysia, South Africa, and Russia. The company operates with government ownership and maintains a strong domestic market position backed by regulatory mandate.
Competitive Landscape
Pro stress-test →GIC Re was historically the sole reinsurer until foreign reinsurance players entered the Indian market by late 2016. The company now competes with international reinsurers while maintaining its legal monopoly on mandatory domestic cessions. In the global reinsurance sector, GIC Re is a relatively smaller player competing with major international reinsurers like Munich Re, Swiss Re, and RenaissanceRe.
Industry Context
General Insurance Corporation of India operates in Reinsurance / General Insurance.
Key facts
Founded: 1972 · Headquarters: Mumbai, India · Employees: 449 · Revenue: $4.9B · Market cap: $8.1B