Reinsurance News
GIC Re
AM Best revises GIC Re’s credit rating outlooks to positive
22nd November 2023
AM Best has revised the credit rating outlooks of General Insurance Corporation of India (GIC Re) to positive from stable. Outlining the particulars, the rating agency has revised the outlook to positive from stable for the Financial Strength Rating (FSR) and to positive from negative for the Long-Term Issuer Credit Rating ... Read the full article
GIC Re sees rise in gross premium income in half year ended September 30
14th November 2023
GIC Re has stated that gross premium income in the half year ended September 30, 2023, was INR 19,679.85 crore, compared to INR 19,122.45 crore at September-end 2022. Underwriting loss in the period was INR 3,029.04 crore against a loss of INR 1,696.07 crore in 2022. However, the company recorded Profit Before ... Read the full article
GIC Re hires Ramaswamy N as its new Chairman and Managing Director
4th October 2023
General Insurance Corporation of India has appointed Ramaswamy N as its new Chairman and Managing Director (CMD), effective from October 1, 2023. According to the announcement, this appointment follows the decision by the Ministry of Finance, Government of India. A renowned veteran across the sector, Ramaswamy brings a deep level of expertise ... Read the full article
Indian regulator considers revision to GIC Re preference rules
26th October 2022
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed revisions to the country’s rules for the order of preference on reinsurance business, which could see alterations to GIC Re’s right to first refusal. A new exposure draft detailing the amendments to regulations under consideration shows that IRDAI is looking ... Read the full article
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