GIC Re

Founded on November 22, 1972 during the nationalization of the 107 insurance companies operating in India, GIC has, from the outset, been entrusted with a supervisory and organizational role of the market. Indian authorities quickly strived to transfer all of the portfolios and assets that it had just nationalized to the new company.

In 1972, the Indian market went from 107 non-life insurance companies to a single company in charge of underwriting direct business and of reinsurance acceptance. By the end of the nationalization process, GIC was in control of four non-life insurance subsidiaries, each of which having a head office in a great Indian city: New India in Mumbai, Oriental Fire and General in Delhi, National Insurance in Kolkata and United Insurance in Chennai.

 
Shri Ashok Kumar Roy
Chairman–Managing director

On March 21, 2003, a new market organization has been decided by the authorities. The property of the four subsidiaries has been transferred to the Indian government while GIC’s role has been limited to that of a reinsurer under the name of GIC Re. In return, GIC Re will benefit from a 10% legal cession on all direct insurance policies. Nowadays, GIC Re’s reputation has largely transcends the borders of the Indian sub-continent. The company has become a major player in Asia, Middle East and Africa where it stands as a leader of numerous businesses.

General Insurance Corporation of India in 2011*

Share capital
94 944 000 USD
Turnover
2 579 224 000 USD
Total assets
10 980 066 900 USD
Net technical result
51 358 000 USD
Profit
228 177 000 USD
Net loss ratio
90.4%
Net loading rate
17.3 %
Net combined ratio
107.7%
Number of subsidiaries
3 (Dubai, London and Kuala Lumpur)
Representation office
1 in Moscow
Number of employees
439
Rating
A- (excellent) by A.M. Best
* Figures as at 31/03/2011

Management

Chairman, Managing director
Shri Ashok Kumar Roy
General manager, Finance
B. Ramani
General manager, International marketing
R. Raghavan
General manager, Reinsurance operations
Sujay Banarji
General manager, Human resources
N. Mohan
General manager, Facultative reinsurance
P.K. Bhagat

Main shareholders

Indian state
100%

Main technical highlights: 2007-2011

in thousands USD
 20072008200920102011
Gross written premiums
1 705 1802 335 4081 557 4102 163 5442 579 224
Written premiums net of reinsurance
1 478 7262 083 6031 430 1301 950 2212 321 178
Net earned premiums
1 212 2531 812 2991 508 1521 794 5842 107 326
Net incurred losses
834 3101 507 0821 201 1511 523 4891 904 572
Net loss ratio
68.8%83.2%79.6%84.9%90.4%
Management expenses
395 433537 715348 221444 438446 630
- operating expenses
10 80513 84110 28015 53721 293
- net commission
384 628523 874337 941428 901425 338
Expenses ratio
23.2%23.0%22.4%20.5%17.3%
Net combined ratio
92%106.2%102%105.4%107.7%
Technical result
265 79490 505173 252114 03551 358
Net profit
352 669249 663271 828394 318228 177

Breakdown of net earned premiums per class of business in 2011

in thousands USD
 National acceptancesForeign acceptancesTotalPortfolio breakdown
Fire
166 207438 195604 40228.7%
Motor
392 04478 938470 98022.3%
Engineering
89 61257 397147 0096.9%
Marine
83 065198 722281 78913.4%
Miscellaneous accident
482 726115 079597 80528.4%
Total non life
1 213 654 888 331 2 101 985 99.7%
Life
2 4622 8795 3410.3%
Grand total
1 216 116891 2102 107 326100%

Breakdown of net losses per class of business in 2011

in thousands USD
 National acceptancesForeign acceptancesTotalPortfolio breakdown
Fire
139 040346 828485 86825.5%
Motor
553 70964 933618 64232.5%
Engineering
40 77130 56871 3383.7%
Marine
73 058134 264207 32210.9%
Miscellaneous accident
426 57790 872517 44927.2%
Total non life
1 233 155 667 465 1 900 620 99.8%
Life
1 9032 0493 9520.2%
Grand total
1 235 058669 5141 904 572100%

Evolution of technical ratios: 2007-2011

Net loss ratios per class of business in 2011

 National acceptancesForeign acceptancesTotal
Fire
83.7%79.1%80.4%
Motor
141.2%82.3%131.4%
Engineering
45.5%53.3%48.5%
Marine
88%67.6%73.6%
Miscellaneous accident
88.4%79%86.6%
Total
101.6% 75.1% 90.4%
Exchange rate
INR/USD as at 31/12
2007
2008
2009
2010
2011
0.02303
0.02507
0.01932
0.02222
0.02208

Contact




Head office
"Suraksha", 170, Jamshedji Tata Road, Churchgate,
Mumbai - 400 020, India
Phone
(+91) 22 2286 7000
Fax
(+91) 22 2289 9600
E-mail
info [at] gicofindia [dot] com
Website
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