General Insurance Corporation of India Fundamental

General Insurance Corporation of India (GIC Re), incorporated in 1972 and 77.4% owned by the Government of India, is the country's national reinsurer and ranks among the ten largest reinsurance groups globally. It holds roughly 52% of gross reinsurance premium on Indian business and receives obligatory cessions on every policy written by domestic general insurers.

The corporation underwrites fire, motor, health, agriculture, marine, engineering, aviation, liability and life reinsurance across 137 countries, on a 75:25 domestic-to-international mix. It operates branches in London and GIFT City, a Lloyd's syndicate, and subsidiaries in South Africa, the United Kingdom and Russia.

Indian general insurance premium has compounded at 14% since FY22 to Rs 3,10,300 crore, with an industry retention ratio of 73.1% implying roughly 27% of premium flowing to reinsurers. The domestic reinsurance pool is expected to approach Rs 99,000 crore.

India's insurable population is projected to reach 100 crore by 2035 and middle-class households to nearly double by 2030.