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General Insurance Corporation of India or GIC of India was incorporated in 1972 to supervise and control the general insurance business in India. All the general insurance companies were merged into four main subsidiaries of GIC namely:- National Insurance Company.
- New India Assurance Company Ltd.
- Oriental Insurance Company Ltd.
- United India Insurance Company Ltd
These four companies were renotified independent business activities in November 2000 after the implementation of IRDA (Insurance Regulatory and development Authority) Act. In 2002, the General Insurance Corporation of India ownership was ceased and the holding was vested to the Government of India.
The key businesses of GIC include:
Domestic Reinsurance Business:
GIC is the only reinsurer in the domestic reinsurance sector, providing reinsurance to direct general insurance companies. A statutory cession of 20% on every policy (subject to certain terms) is given to GIC.
International Reinsurance:
General Insurance Corporation Of India, through its effective reinsurance services has earned accolades as well as clientele in global trade centres especially in SAARC countries including Maldives, Kenya, Malaysia, Mauritius, Middle East, Africa and Sri Lanka. GIC has representative offices in London and Moscow.
Investment and Funds Management:
The investments made by GIC are strictly within the corporate policy. The management of the funds is undertaken in house within General Insurance Corporation India.
CONTACT DETAILS:
"Suraksha" 170,
Jamshedji Tata Road,
Churchgate,
Mumbai - 400 020
Phone: 91-22-22867000
Fax: 91-22-2221170
Email: info@gicofindia.com
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