Reinsurance News
GIC Re
GIC Re reports improved CoR for HY’25 as underwriting loss narrows
13th November 2025
General Insurance Corporation of India (GIC Re), the Indian public sector reinsurer, has reported that its combined ratio improved by 3.93% to 107.71% for the half year ending on September 30th, 2025 (HY'25), compared to 111.64% for HY'24. This improvement was driven by a reduction of 45.50% in underwriting loss to ... Read the full article
GIC Re names Hitesh Joshi as interim Chairman and Managing Director
27th October 2025
General Insurance Corporation of India (GIC Re), the Indian public sector reinsurer, has appointed Hitesh Ramesh Chandra Joshi as interim Chairman-cum-Managing Director (CMD), effective October 1st, 2025. The appointment was approved by the Ministry of Finance as specified in a letter dated October 24th, 2025. Joshi is currently the Executive Director (ED) ... Read the full article
Re/insurance is at the heart of Sustainable Development Goals: GIC Re’s Hitesh Joshi
9th October 2025
Delivering a keynote speech at the 29th Federation of the Afro-Asian Insurers & Reinsurers (FAIR) General Assembly in Mumbai, India, earlier this week, Hitesh R. Joshi, Executive Director at Indian reinsurance company GIC Re, said that re/insurance is key to the UN's Sustainable Development Goals (SDGs) as he underlined the ... Read the full article
GIC Re’s profit soars 69% in Q1 as gross premiums reach ₹12,388 crore
8th August 2025
General Insurance Corporation of India (GIC Re), the Indian public sector reinsurer, has reported a net profit of ₹1,752 crore for the first quarter ended June 30, 2025, up around 69% compared to the same period of the previous financial year. GIC Re's gross premium figure stood at ₹12,388 crore for ... Read the full article
Lloyd’s approves novation of GIC syndicate 1947 managing agency services to Asta
1st July 2025
Lloyd's, the specialist insurance and reinsurance marketplace, has approved the novation of Indian reinsurer GIC Re's syndicate 1947 managing agency agreement to Davies-owned Asta, effective July 1st, 2025. The agreement relates to both the open and prior years of GIC syndicate 1947 and sees Asta provide a full range of oversight ... Read the full article
GIC Re reports underwriting loss of ₹392.3 crore for Q4
27th May 2025
General Insurance Corporation of India (GIC Re), the Indian public sector reinsurer, has reported an underwriting loss of ₹392.3 crore for the fourth quarter ended March 31st, 2025, compared to a profit of ₹570.06 crore in the prior year fourth quarter. The combined ratio for Q4’25 deteriorated to 103.56%, compared to ... Read the full article
India’s IRDAI retains obligatory cession to be placed with GIC Re at 4% for FY’26
4th March 2025
For the third year in a row, the Insurance Regulatory and Development Authority of India (IRDAI) has retained the ‘obligatory cession,’ which is the portion of business that Indian non-life insurers must mandatorily place with state-owned General Insurance Corporation of India (GIC Re), at 4% for financial year (FY) 2026. In ... Read the full article
India’s GIC Re planning to launch UK-based subsidiary
6th February 2025
The Board of Directors of the General Insurance Corporation of India (GIC Re), the Indian public sector reinsurer, has approved the incorporation of a United Kingdom-domiciled, wholly owned subsidiary, GIC Re, India Service Company, to engage in "insurance-related services and activities." According to an exchange filed with the National Stock Exchange ... Read the full article
GIC Re’s underwriting loss narrows in 9M’24 as premiums rise
5th February 2025
GIC Re, the Indian public sector reinsurer, reported an underwriting loss of ₹2,959.34 crore for the nine months ended December 31, 2024, compared to a loss of ₹4,576.63 crore for the same period in 2023, although gross premiums increased from ₹28,458.11 crore to ₹30,786.87 crore year-over-year. The reinsurer’s net premiums rose ... Read the full article
GIC Re’s underwriting loss narrows for H1’24, CoR stands at 111.64%
15th November 2024
GIC Re, the Indian public sector reinsurer, has reported an underwriting loss of approximately ₹2,376.95 crore for the half year ended on September 30th, 2024, (H1 2024), as compared to a loss of around ₹3,029.04 crore for the same period in 2023. The reinsurer’s combined ratio improved slightly at 111.64 % ... Read the full article
AM Best upgrades credit ratings of GIC Re, shifts outlook to stable
14th October 2024
Global credit rating agency AM Best has upgraded and revised the credit rating outlooks for Indian public sector reinsurer, General Insurance Corporation of India (GIC Re), to stable from positive. Specifically, AM Best has upgraded the reinsurer's Financial Strength Rating to A- (Excellent) from B++ (Good), and the Long-Term Issuer Credit ... Read the full article
GIC Re to implement SAP Fioneer’s technology to meet IFRS17 requirements
16th July 2024
In order to adopt the International Financial Reporting Standard 17 (IFRS17) by the official target date India's General Insurance Corporation (GIC Re) has chosen to implement SAP Fioneer’s Financial Products Subledger (FPSL) for Insurance solution offering. IFRS17 was introduced by the International Accounting Standards Board (IASB) and mandates significant changes in ... Read the full article
GIC Re posts underwriting loss in fiscal full year, CR deteriorates to 111.8%
3rd June 2024
GIC Re, the Indian public sector reinsurer, has posted an underwriting loss of ₹4,006.56 crore for the fiscal year ended 31st March 2024 (FY24), compared to the ₹2,341.37 crore loss from the prior year. At the same time, the firm also posted a combined ratio of 111.8%, representing a deterioration of ... Read the full article
The Indian government has plans to sell 10% of GIC Re in FY 2025
29th April 2024
The Central government of India may sell up to 10% stake in the state-run reinsurer General Insurance Corporation (GIC Re) in the current financial year, a senior official told Financial Express. The officials commented, “GIC Re received a very good response in the roadshows held recently to apprise potential investors of ... Read the full article
GIC Re targets domestic growth after strong April 1 renewals: Chairman, Narayanan
11th April 2024
India's General Insurance Corporation (GIC Re) continues to focus on growth within its domestic portfolio following strong April 1 2024 renewals, says Ramaswamy Narayanan, Chairman & MD of GIC Re, in an interview with CNBC TV18. At GIC Re’s April 1 renewals, its domestic portfolio witnessed substantial growth, increasing by nearly ... Read the full article
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