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 |
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| 2007 | 2008 | 2009 | 2010 | 2011 | |
|---|---|---|---|---|---|
Gross written premiums | 1 705 180 | 2 335 408 | 1 557 410 | 2 163 544 | 2 579 224 |
Written premiums net of reinsurance | 1 478 726 | 2 083 603 | 1 430 130 | 1 950 221 | 2 321 178 |
Net earned premiums | 1 212 253 | 1 812 299 | 1 508 152 | 1 794 584 | 2 107 326 |
Net incurred losses | 834 310 | 1 507 082 | 1 201 151 | 1 523 489 | 1 904 572 |
Net loss ratio | 68.8% | 83.2% | 79.6% | 84.9% | 90.4% |
Management expenses | 395 433 | 537 715 | 348 221 | 444 438 | 446 630 |
- operating expenses | 10 805 | 13 841 | 10 280 | 15 537 | 21 293 |
- net commission | 384 628 | 523 874 | 337 941 | 428 901 | 425 338 |
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 | 265 794 | 90 505 | 173 252 | 114 035 | 51 358 |
Net profit | 352 669 | 249 663 | 271 828 | 394 318 | 228 177 |
Breakdown of net earned premiums per class of business in 2011
in thousands USD| National acceptances | Foreign acceptances | Total | Portfolio breakdown | |
|---|---|---|---|---|
Fire | 166 207 | 438 195 | 604 402 | 28.7% |
Motor | 392 044 | 78 938 | 470 980 | 22.3% |
Engineering | 89 612 | 57 397 | 147 009 | 6.9% |
Marine | 83 065 | 198 722 | 281 789 | 13.4% |
Miscellaneous accident | 482 726 | 115 079 | 597 805 | 28.4% |
Total non life | 1 213 654 | 888 331 | 2 101 985 | 99.7% |
Life | 2 462 | 2 879 | 5 341 | 0.3% |
Grand total | 1 216 116 | 891 210 | 2 107 326 | 100% |
Breakdown of net losses per class of business in 2011
in thousands USD| National acceptances | Foreign acceptances | Total | Portfolio breakdown | |
|---|---|---|---|---|
Fire | 139 040 | 346 828 | 485 868 | 25.5% |
Motor | 553 709 | 64 933 | 618 642 | 32.5% |
Engineering | 40 771 | 30 568 | 71 338 | 3.7% |
Marine | 73 058 | 134 264 | 207 322 | 10.9% |
Miscellaneous accident | 426 577 | 90 872 | 517 449 | 27.2% |
Total non life | 1 233 155 | 667 465 | 1 900 620 | 99.8% |
Life | 1 903 | 2 049 | 3 952 | 0.2% |
Grand total | 1 235 058 | 669 514 | 1 904 572 | 100% |
Evolution of technical ratios: 2007-2011
Net loss ratios per class of business in 2011
| National acceptances | Foreign acceptances | Total | |
|---|---|---|---|
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 |
info [at] gicofindia [dot] com | |
| Website |