Reinsurance News

GIC Re

GIC Re sees downturn in gross premium income

11th August 2022

GIC Re has stated that gross premium income in Q2 2022 was 23% lower than it was in Q2 2021. The firm said in a statement that its gross premium income was INR 11,100.74 crore in the first half of this year, compared to INR 14,426.55 in the same period in ... Read the full article

IRDAI views state-owned reinsurer GIC Re as “too important to fail”

31st December 2021

The Insurance Regulatory and Development Authority of India (IRDAI) has said that General Insurance Corporation of India (GIC Re), alongside Life Insurance Corporation of India (LIC) and New India Assurance Co. Ltd., continue to be identified as Domestic Systemically Important Insurers (D-SIIs). D-SIIs are re/insurers that are believed to be "too ... Read the full article

GIC Re transfers Dubai office to GIFT City, India

17th August 2021

State owned enterprise, General Insurance Corporation of India (GIC Re), has put its Dubai branch into run off mode after failing to renew its license from the Dubai authorities. The reinsurer will now run the Dubai business from GIFT City, India. GIC Re stated: “During the quarter ended June 21, GIC Re ... Read the full article

GIC Re’s combined ratio hits 123% in Q2

16th August 2021

GIC Re has announced a combined ratio of 123.36% for the second quarter of 2021, a considerable slide from the 112.16% previously registered in Q2 2020. Adjusted Combined Ratio is 112.35% against 105.88% for the prior year period Gross Premium Income stands at $192.6 million for second quarter, down from the $214.1 ... Read the full article

Pandemic will help insurance penetration in long run: GIC Re’s Srivastava

26th March 2021

Devesh Srivastava, Chairman-cum-Managing Director at GIC Re, believes that despite its challenges the COVID-19 pandemic has increased awareness about insurance products and will help penetration in the long run. Speaking in an interview with Reinsurance News, Srivastava discussed the impact of the coronavirus crisis over the past year, as well as ... Read the full article

Africa Specialty Risks secures multi-year binder capacity with GIC and Peak Re

15th February 2021

Newly launched Pan-African focused reinsurer, Africa Specialty Risks Group (ASR), has secured additional multi-year binder capacity of up to $25 million per risk via a new partnership with GIC of India and Hong Kong domiciled Peak Re. ASR is now able to offer capacity across Property, Political Risk, Trade Credit, and ... Read the full article

GIC Re appoints director on the board from Bank of India

2nd September 2020

State owned enterprise, General Insurance Corporation of India (GIC Re) has appointed the Managing Director and CEO of Bank of India Atanu Kumar Das as a director on the board. His position will take place with immediate effect. It was reported on newkerala.com that he will continue to serve for three ... Read the full article

AM Best downgrades Credit Ratings of GIC Re

3rd July 2020

AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “a-” of General Insurance Corporation of India (GIC Re) (India). The outlook of the FSR has been revised to stable from negative whilst the Long-Term ... Read the full article

GIC Re’s combined ratio slips to 114% in 2019

25th June 2020

India’s national reinsurance company, General Insurance Corporation of India (GIC Re), has reported that its combined ratio deteriorated to 114% during the financial year 2019. Underwriting losses over the year were up threefold from Rs 2,211 crore ($409 million) to Rs 6,367 crore ($1.18 billion), causing the combined ratio to move ... Read the full article

GIC Re’s Russian subsidiary obtains reinsurance licence

4th February 2020

GIC Perestrakhovanie LLC, Russia, a wholly owned subsidiary of India's General Insurance Corporation of India (GIC Re), has now received a reinsurance licence from the Central Bank of Russia (CBR). The approval means that GIC Re is the first reinsurance firm in more than 10 years to be granted this licence, ... Read the full article

GIC Re falls to net loss in Q2 as agricultural & flood claims rise

11th November 2019

India’s national reinsurance company, General Insurance Corporation of India (GIC Re), has reported a consolidated loss of Rs 707.41 crore (approximately USD 98.9 million) for the second-quarter of this fiscal year, driven by higher agricultural losses and elevated flood claims. For the second-quarter ended September 30th, 2019 GIC Re experienced a ... Read the full article

India’s GIC Re eyes expansion into Russia, Brazil: reports

30th September 2019

India’s national reinsurance company, General Insurance Corporation (GIC Re), could be moving to open a subsidiary in Russia as the firm looks to increase the volume of foreign business it writes, according to reports from The Hindu Business Line. GIC Re’s long-term goal is to maintain a 50:50 split in foreign ... Read the full article

Indian regulator maintains 5% obligatory cession rate for GIC Re

15th April 2019

The percentage of business that general insurers in India have to cede to the country's national reinsurance company, General Insurance Corporation of India (GIC Re), for 2019-2020 is to remain at 5%, according to a notification from the Insurance Regulatory and Development Authority of India (IRDAI). The regulator says the 5% ... Read the full article

GIC Re’s pricing revisions cause Indian property rates to soar

20th March 2019

Companies in a number of Indian industries have seen their property insurance rates soar by as much as eight times after the country’s only active domestic insurance, GIC Re, revised the rates at which it provides reinsurance. This is according to reports from The Times of India, who said that corporates ... Read the full article

India primed to become global reinsurance hub, says regulator

23rd January 2019

A number of factors, including recent regulatory changes, geography, economic growth and exposure to natural catastrophes have positioned India to become a global reinsurance hub, according to the International Regulatory and Development Authority of India (IRDAI). IRDAI noted in its annual report that India currently has very low levels of insurance ... Read the full article