by AIP Online Bureau | May 18, 2025 | Indian News, Policy, Reinsurance
“GIC Re’s lean organisational structure with fewer than 500 employees, compared to the thousands employed by public sector general insurance companies (PSGICs), makes uniformity under GIPSA operationally infeasible and strategically flawed,” the GIC Re...
by AIP Online Bureau | Apr 18, 2025 | Briefs, Policy, Reinsurance
The Ministry of Finance has nominated Manoj Muttathil Ayyappan, joint secretary, Department of Financial Services as a director on the Board of GIC Re with effect from 17 April in place of M. P. Tangirala, former additional secretary, DFS. Ayyappan had joined the DFS...
by AIP Online Bureau | Apr 1, 2025 | Eco/Invest/Demography, Indian News, Intermediaries, Non-Life, Regulation, Reinsurance
GIC Re and Foreign Reinsurance Branches (FRBs) and IIO reinsurers in GIFT-IFSC came in strong support of the market at Apr 1 renewals “Yes, we did write more business than last year. Generally, we found the market to be soft with rates either below or same as...
by AIP Online Bureau | Mar 23, 2025 | Eco/Invest/Demography, Indian News, Non-Life, Reinsurance
With a total premium of Rs 1655 crore, the claims ratio for IMTRIP was just 0.21 per cent in FY 24. Similarly, with a premium of Rs 1809 crore, the IMTRIP had a claim ratio of just 0.13 per cent in FY 23. Therefore, GIC Re and other members of the Pool had taken...
by AIP Online Bureau | Feb 28, 2025 | Indian News, Non-Life, Regulation, Reinsurance
The percentage cession of the sum insured on each general insurance policy to be reinsured with the Indian Re-insurer (GIC Re), will be 4% (four percent) during the financial year beginning from 1st April, 2025 to 31st March, 2026, except the terrorism premium and...
