The General Insurance Corporation of India (GIC) was approved as the ‘‘Indian Reinsurer’’ on 3rd November, 2000. As an ‘‘Indian Reinsurer’’ GIC Re has been giving reinsurance support to non-life Insurance companies in India.
It continues its role as a reinsurance facilitator by managing Marine Hull Pool, Terrorism Pool and Indian Motor Third Party Insurance Pool on behalf of Indian Insurance industry.
The GIC Re continues to lead the reinsurance programme of the companies in Kenya, Malaysia, Mauritius, Middle-East, Africa and Sri Lanka. In the process, it has emerged as a preferred Reinsurer in the Afro-Asian region.
GIC Re is expanding its global presence and now plans to enter the Latin American market having got the ‘Eventual Reinsurer’ status in Brazil. GIC Re has been selected as the Manager for Nat Cat Pool promoted by the Federation of Afro-Asian Insurers and Reinsurers (FAIR).
