About General Insurance Corporation of India

General Insurance Corporation of India (GIC Re) is India’s national reinsurer, formed on November 22, 1972 under Section 9(1) of the General Insurance Business (Nationalisation) Act and the Companies Act, 1956, following the nationalisation and merger of 107 general insurers on January 1, 1973 . GIC Re provides reinsurance services across fire, marine, motor, aviation, engineering, health, agriculture, life and other lines, working with insurers and brokers in India and worldwide; reinsurance accounted for 100% of turnover in FY 2024-25 (NIC Code 6520) . The Corporation is registered with IRDAI (Registration No. 112; date of registration April 2, 2001) and is notified as the “Indian Reinsurer” since November 3, 2000.

GIC Re serves 36 Indian States/UTs and 138 countries, and operates three offices in India and three overseas. It also maintains a global footprint through permanent offices in the UK, Malaysia, South Africa and Russia . The Corporation has 3 subsidiaries (and separate associate relationships), consolidating results accordingly under Indian law and regulations.

General Insurance Corporation of India Key milestones include:

• 1972: Formation of GIC of India; 1973: nationalisation of general insurance in India with four subsidiaries .
• 2000: GIC notified as the “Indian Reinsurer”; 
• 2001: London representative office set up; 
• 2002: Moscow representative office set up; 
• 2002: Agriculture Insurance Company of India established with GIC Re and partners .
• 2018: GIC Syndicate 1947 became operational at Lloyd’s (London), complementing international capacity and cessions with GIC Re 

General Insurance Corporation of India Key Management 

• Shri Ramaswamy Narayanan – Chairman and Managing Director
• Shri Hitesh Joshi – Executive Director
• Ms. Radhika C. S. – Executive Director
• Shri V. Balkrishna – Chief Financial Officer

Latest Updates on General Insurance Corporation of India

• Credit rating: AM Best upgraded GIC Re’s Financial Strength Rating to A- (Excellent) from B++ (Good) and its Long-Term Issuer Credit Rating to “a-” from “bbb+”, enhancing international market credibility (FY 2024-25).
• Regulatory capital strength: Solvency ratio improved to 3.70 as on March 31, 2025 (regulatory minimum: 1.50), reflecting strong capital adequacy.
• Technology and capabilities: The Corporation reported investments in SAP Risk Management and Global Catastrophe Modelling Software to strengthen risk assessment and underwriting controls, alongside a plan to incorporate GIC Re, India Service Company in London to support international operations.
• Franchise and reach: GIC Re highlighted leadership in treaty programmes and facultative placements in the Afro-Asian region, with a continued focus on the domestic market while selectively expanding its global presence.
• Business mix: For FY 2024-25, domestic business accounted for 64% of the portfolio and international for 36%, as presented in the Management Discussion and Analysis.