General Insurance Corporation of India
"To be a leading global reinsurance and risk solution provider"
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| Public-sector undertaking | |
| Traded as | : : GICRE |
| Industry | Insurance |
| Founded | 22 November 1972 |
| Headquarters | Mumbai, India |
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Number of locations
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Dubai, Kuala Lumpur, London, Moscow |
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Area served
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Worldwide |
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Key people
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Alice Vaidyan, Chairman cum Managing Director (CMD) |
| Services | Reinsurance |
| Revenue |
 ₹184.36 billion (US$2.8 billion) (2015-16) |
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₹28.48 billion (US$440 million) (2015-16) |
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| AUM |
₹795.54 billion (US$12 billion) (2015-16) |
| Owner | Government of India |
| Subsidiaries | GIC Re South Africa Ltd (Wholly owned) |
| Website | www |
GIC of India (GIC Re) is a state owned enterprise in India. It was the sole reinsurance company in the Indian insurance market with over four decades of experience until the insurance market was open to foreign reinsurance players by late 2016 including companies from Germany, Switzerland and France.
GIC Re has its registered office and headquarters in Mumbai.
The entire general insurance business in India was nationalized by the Government of India (GOI) through the General Insurance Business (Nationalization) Act (GIBNA) of 1972. 55 Indian insurance companies and 52 other general insurance operations of other companies were nationalized.
The General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares. GIC was formed to control and operate the business of general insurance in India.
The GOI transferred all the assets and operations of the nationalized general insurance companies to GIC and other public-sector insurance companies. After a process of mergers and consolidation, GIC was re-organized with four fully owned subsidiary companies: National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company.
GIC and its subsidiaries had a monopoly on the general insurance business in India until the landmark Insurance Regulatory and Development Authority Act (IRDA Act) of 1999 came into effect on 19 April 2000. This act also amended the GIBNA Act and Insurance Act of 1938. The act along with the amendments ended the monopoly of GIC and its subsidiaries and liberalized the insurance business in India.
In November 2000, GIC was notified as India's Re insurer, but its supervisory role over its subsidiaries was ended. This was followed by the General Insurance Business (Nationalization) Amendment Act of 2002. Coming into effect from 21 March 2003, this amendment ended GIC's role as a holding company of its subsidiaries. The ownership of the subsidiaries was transferred to the Government of India.
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Wikipedia