Reinsurance News
GIC Re
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
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
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