General Insurance Corporation of India Ltd. (GIC) was incorporated on November 22, 1972 under the Companies Act, 1956 as a private company limited by shares.  GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance. As soon as GIC was formed, the Government of India (GOI) transferred all the shares it held of the general insurance companies to GIC. Simultaneously, the nationalised undertakings were transferred to Indian insurance companies.

Business area of the company

The company provides reinsurance across many key business lines including fire (property), marine, motor, engineering, agriculture, aviation/space, health, liability, credit and financial and life insurance. As a sole reinsurer in the domestic reinsurance market, it provides reinsurance to the direct general insurance companies in the Indian market. It receives statutory cession of 5% on each and every policy subject to certain limits. It leads many of domestic companies’ treaty programmes and facultative placements. As it spreads its wings to emerge as an effective reinsurance solutions partner for the Afro-Asian region and has started leading the reinsurance programmes of several insurance companies in SAARC countries, South East Asia, Middle East and Africa. To offer its international clientele an easy accessibility, efficient service and tailor made reinsurance solutions; GIC has opened liaison/ representative/ branch / subsidiary offices in UK, Russia, UAE, Malaysia, South Africa and Brazil. GIC also has an offshore branch in GIFT City, Gujarat. GIC provides following capacities for Treaty and Facultative business on risk emanating from the international market based on merits of the business.

Awards and certifications

• 2011 - Corporation won the Marine Insurance Award at Seatrade Middle East and Indian Subcontinent Awards 2011.
  
• 2012 - Corporation won the Marine Insurance Award second time in a row, at Seatrade Middle East and Indian Subcontinent Awards 2012.
  
• 2014 - Marine Insurer of the Year at the inaugural Maritime Standard Awards, Middle East and Indian Subcontinent Awards 2014.
  
• 2014 - ICE Awards 2014 awarded to GIC ReNews (Certificate of Merit).
  
• 2016 - Business Today Most Powerful Women Awards 2016.
  
• 2017 - Reinsurance Company of the Year Award 2017 by ASSCOHAM, India.
  
• 2017 -  Skoch Award, Resilinet India Award 2017.
  
• 2019 - Alice G. Vaidyan, Chairman-cum-Managing Director,  has been  presented  with  the  CEO  of  The  Year  award  by  ET  Prime  at  the  Economic  Times  Prime  Women  Leadership Awards for 2019.
  
• 2019 - FORTUNE India announced Ms. Alice G Vaidyan, as the 4th most powerful women in Business in their October issue on Most Powerful Women in Business.
  
• 2019 - ASSOCHAM presented Ms. Vaidyan, the Leadership Excellence Award in February 2019.

Milestones

• 1972 - Corporation was formed pursuant to section 9(1) of GIBNA and also under the Companies Act 1956 as private company limited by shares.
  
• 1973 -The general insurance business in India was nationalized, 107 general insurance companies were merged and Corporation was formed as the holding company with four subsidiaries namely, New India Assurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company Limited.
  
• 2000 - Corporation was notified as ‘Indian Reinsurer’.
  
• 2003 - Corporation commenced its life reinsurance underwriting activities.
  
• 2013 - The joint venture Reinsurance Company in Bhutan-GIC Bhutan Re Limited became operational.
  
• 2014 - GIC Re South Africa Limited, the wholly owned subsidiary of GIC Re was established in South Africa.
  
• 2015 - India nuclear insurance pool launched.
  
• 2016 - GIC  Re,  India,  Corporate  Member  Limited,  the  Wholly  owned  subsidiary  of  GIC  Re  in  UKestablished.
  
• 2016 - GIC Re converted into ‘Public Limited Company’.
  
• 2017 - GIC Re opened IFSC Insurance office in GIFT City.
  
• 2020 - General Insurance Corporation of India has received license from Bank of Russia to commence reinsurance business in Russia.