GIC Re is happy to announce that it is hosting the Annual General Meeting 2015 of International Union of Aerospace Insurers (IUAI) jointly with the four Public Sector Insurance Companies, National Insurance Co. Ltd., The New India Insurance Co. Ltd., Oriental Insurance Co. Ltd. and United India Insurance Co. Ltd.
The AGM would be held in Bengaluru from 31.05.2015 to 04.06.2015.
IUAI, is an association of aerospace insurers and reinsurers representing and serving the aviation and space risks insurance and reinsurance industry across the globe.
The Union has about 81 members and is termed as the voice of the global aerospace insurance industry.
The Annual General Meeting is a forum exclusive to members. It enables the members to learn about new developments and market trends and to discuss and debate pressing industry issues with their peers.
In the recent past, IUAI AGMs were held in Berlin, Germany; Bermuda; Montreaux, Switzerland; St. Petersburg, Russia and Manchester, UK.
GIC Re’s relentless efforts have succeeded in bringing this international event to India for the first time ever.
The event is expected to be attended by over 200 aviation underwriters from across the globe from USA to Japan. GIC Re looks forward to welcoming delegates to this prestigious event.
A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of General Insurance Corporation of India (GIC Re) (India). The outlook for both ratings is stable.
The outlook for both ratings is stable.
The ratings reflect GIC Re's solid risk-adjusted capitalization, consistently favorable investment results and its strong presence in the Indian and overseas reinsurance markets. GIC Re's capital and surplus increased by approximately 20% for fiscal year 2013-2014. The growth was supported by the company's consistent and favorable investment results. GIC Re's risk-adjusted capitalization level remains strong and is supportive of its current rating level.
GIC Re had a strong presence in India's insurance market as the sole national re insurer, and continues to expand its business overseas, including Asia, Europe and Africa. Approximately half of the premium is generated abroad for fiscal year 2013-2014.
Offsetting these positive rating factors are GIC Re's high exposure to equity market volatility, increasing catastrophe exposures and unsatisfactory underwriting performance. Equity investment risk remains one of the key components in GIC Re's risk-based capital requirement. Equity investments were approximately 80% of its reported surplus. The adverse movement in India equity market can have material impact on GIC Re's Best's Capital Adequacy Ratio (BCAR) score.
GIC Re's catastrophe exposure has increased in recent years as a result of the growth in its domestic and overseas business. In the past five years, catastrophe losses had added volatility to the underwriting performance of the company.
Future upward rating actions could occur if GIC Re demonstrates the ability to achieve consistently favorable underwriting performance and strengthen its investment and catastrophe risk management capability. Conversely, downward rating actions could occur if the company's risk-adjusted capitalization declines materially as a result of unsatisfactory operating performance or a decline in its fair value change account.
CARE affirms AAA (In) Claims Paying Ability rating to General Insurance Corporation of India (GIC Re)
The rating factors in GIC Re’s 100% ownership by Government of India (GOI), GIC Re’s status in the Indian Insurance industry as the sole national reinsurer, good solvency position and adequate liquidity. Ownership by GOI, solvency position and profitability are key rating sensitivities.
GIC Re was incorporated in November 1972, as a part of Government of India’s (GoI) move to nationalize the general insurance business. It is wholly owned by GoI and it is the sole national re insurer. Apart from the domestic operations, GIC Re has overseas offices viz: Representative Office Moscow and Branch Offices in London, Dubai and Kuala Lumpur.
GIC Re also has presence in Bhutan through its joint venture, GIC Bhutan Re (GIC Re holds 26% stake) and in South Africa through its wholly owned subsidiary. GIC Re reported a PAT of Rs.2,253 crore on Gross Premium Written of Rs.14,680 crore in FY14 (refers to the period April 01, 2013 to March 31, 2014) as against a PAT of Rs.2,345 crore on Gross Premium Written of Rs.15,086 crore during FY13. In H1FY15, the company reported a PAT of Rs.1,610 crore on Gross Premium Written of Rs.7,275 crore.
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Smt.Alice G Vaidyan, Chairman-cum-Managing Director, GIC Re, presented the dividend cheque for Rs.860.00 crores for the fiscal 2015-16 to Hon’ble Union Finance Minister Shri Arun Jaitley in New Delhi on 29th of September 2016 in the presence of Shri Anil Kumar Khachi, Additional Secretary, Dept. of Financial Services, Shri G C Gaylong, Director & General Manager, GIC Re and Shri D R Waghela, General Manager, GIC Re.
Mr Ashok Kumar Roy, Chairman-cum-Managing Director, GIC Re, presented the dividend cheque for Rs. 540 cores for the fiscal 2014-15 to Hon’ble Union Finance Minister Shri Arun Jaitley in New Delhi on 24th of July 2015. Mrs Alice G Vaidyan and Mr B Balachandra, General Managers,GIC Re were also present on this occasion.
GIC Re wins Marine Insurer of the Year Award at the inaugural Maritime Standard Awards
The Insurance Committee of The Indian Merchants’ Chamber (IMC), organized a Symposium on “An International Reinsurance Hub – Why India Needs It” on Thursday, January 17, 2013. Chairman of Parliamentary Standing Committee on Finance and former Union Finance Minister of India, Hon’ble Mr. Yashwant Sinha was present at this Symposium as Chief Guest.
The Symposium, was attended by leaders from the financial sector in India in general and insurance sector in particular, and world leaders in Reinsurance.
Mr Yashwant Sinha, in his address at the Symposium said on making the country a reinsurance hub, it was necessary to have an enabling legal framework to be put in place first.
"Despite the insurance sector being open to foreign investment, we don't have a single reinsurance company setting shop in the country. I think that the present amendments will not work and we need a new bill for this," he said.
Talking about the reinsurance sector, GIC Re CMD Ashok Roy said the country should have a favourable taxation regime for the general insurance space.
He also proposed that the government create special economic zones for developing the country as a reinsurance hub.
Chairman and Managing Director of New India Assurance Company Limited Mr. G Srinivasan said that foreign reinsurance companies should be governed by the same rules as the domestic re-insurers for a level playing field in this space.
Lloyd's Asia Managing Director Kent Chaplin said the company is hopeful that present insurance amendment bill will be passed in the Parliament and added that Lloyd’s is keen to open branches in the country.
At the time of opening up of the Indian insurance sector in the late nineties the prime objective was to capitalise on the then existing atmosphere of liberalisation across the globe for the benefit of the growing Indian Economy and transform it from a Developing one to a Developed one.
A part of this initiative was to establish and develop India as a reinsurance hub as it had the capability, capacity and potential to become one. The first 12 years of the Indian insurance sector after liberalisation have witnessed rapid growth in all classes of business. Projections for growth of the Indian insurance sector in the current decade and thereafter too are very encouraging and optimistic.
It is therefore safe to assume that by 2020 the Indian sub-continent would be the Reinsurance Hub of this part of the globe. It has the potential to leave behind the other two Reinsurance Hubs in this region, Dubai and Singapore.
As far as the Insurance infrastructure in the country is concerned everything required is in place: an active Regulator, growing insurance companies, new products being launched with regularity, vast talent pool of Insurance and reinsurance professionals, performing intermediaries and ancillary service professionals like loss adjusters, lawyers, Risk management professionals and above all low insurance penetration that throws up enormous possibilities.
CMD Address RI Hub Feb2013 (282 KB)
GIC Re has won the Marine Insurance Award at the Seatrade Middle East and Indian Subcontinent Awards, second time in a row! It is notable that GIC Re has scored this distinction coinciding with its 40th Anniversary.
A pat on the back by a constitutional authority is always wonderful, especially for those of us in public sector undertakings. 4th of October this year was one such occasion when GIC Re played host to Mr. Dhiren Mathur, Principal Director, Comptroller & Auditor General of India.
Today the global reinsurance sector is at crossroads where it has to grapple with several challenges. The low investment yields are pushing down the bottom-line of the reinsurers further down. The industry cannot increase its pricing very drastically; the abundant capacity does not permit it to do so. The claims are continuously going up as the catastrophes continue with an alarming alacrity. Yet it must be said to the credit of global reinsurance industry that it has been performing well despite all odds.
Training is an investment for the future & a tool for up-gradation of the human capital in any organisation. It can never cover the entire gamut of any subject but can always be a means of learning, development and furtherance of knowledge in a specific area
Baden Baden Reinsurance Congress is yet another major global reinsurance event which provides an opportunity for cedants, brokers and re/insurers to get together to discuss the renewal of reinsurance contracts prior to the major renewals season in January....
Asian countries are experiencing major developments in their insurance markets, driven by economic growth, intense competition and regulatory initiatives. A.M. Best had organised a one day seminar at Jakarta, Indonesia. Speakers from A.M. Best joined by regional and local market practitioners discussed the issues that are impacting market developments and the prospects of individual insurers.
A team of three officials from GIC Re participated in the Annual General Meeting of International Union of Aerospace Insurers held in the first week of June 2012 at Montreux, Switzerland. The AGM had presentations by five working groups dealing with airlines, general aviation, manufacturers' products and airports, space and legal and claims.
The then Union Finance Minister Mr. Pranab Mukherjee reviewed the performance of Public Sector Insurance Companies, including LIC, GIC Re and Agriculture Insurance Company of India Limited, during fiscal 2011-12 in a meeting held at New Delhi on the 13th of June 2012.
GIC Re has in the capacity of a FDI partner, associated with established Bhutanese promoters (who have also promoted companies in the manufacturing sector and also a bank) for formation of the maiden reinsurance company in Bhutan...
Kazakhstan is a growing and potential market for oil and energy business. The country has the second largest oil reserves among the former Soviet republics and it is aiming to become one of the world's top oil exporters in the next decade.
Team GIC Re led by Mr. Ashok K Roy visited Nepal from 5th June to 8th June this year. The focus of the visit was to re-strengthen the relations between Nepalese Insurance Industry and GIC Re.
‘Necessity is the Mother of Invention’ and ‘Self Help is the Best Help’ are two adages that have been proved right time and again in case of Indian insurance sector...
Sanctions imposed on Iran affected the transport of Iranian crude to India and left the Indian ships devoid of any reinsurance cover for H & M and also from the P & I Clubs...
Mr. Ashok K Roy was the Special Guest of Honour at the seminar organized by Green Delta Insurance Company Limited, Bangladesh and Heritage Insurance Solutions, India.
Ashok K Roy visited London in June this year to attend the Nuclear Pool Chairmen’s Conference and Nuclear Pools’ Forum 2012 held there from 18 – 22 JUNE 2012.
Hon'ble Union Minister of State for Finance of India, Mr. Namo Narain Meena officially launched the Labuan branch office of GIC Re on Thursday the 12th of July 2012 in Kuala Lumpur. The official launch of the Branch, at a glittering ceremony held in the imposing Sheraton Imperial Hotel, Kuala Lumpur was indeed a new chapter, a red letter day in the annals of GIC Re. It was a bright and sunny early morning and the top brass of the Corporation were awaiting the Hon'ble Minister and other dignitaries to arrive and the enchanting launch ceremony to begin...
The 29th GAIF (General Arab Insurance Federation) 2012 Conference was organized as a mega insurance event of the year in Marrakech, Morocco from 21 – 23 May 2012 with over 1700 delegates from around the world attending the conference...