GIC

BLESS ANNA SAJAN / FATHIMA N

S7
GIC - General Insurance Corporation

• The GIC was formed as a Government Company under Sec 9 of the

General Insurance Business (Nationalisation) Act,1972. It was
registered as a private company under the Companies Act, 1956.
Subsidiaries of GIC
• The National Insurance Company
• The New India Assurance Company
• The Oriental Fire & General Insurance Company
• The United India Fire & General Insurance Company Ltd.
VISION

To be a leading global reinsurance and risk solution provider”

MISSION

To achieve our vision by

• Building long-term mutually beneficial relationship with business
partners.
• Practicing fair business ethics and values
• Applying “state-of-art” technology, processes including enterprise
risk management and innovative solutions
• Developing and retaining highly motivated professional team of
employees
• Enhancing profitability and financial strength befitting the global
position
ABOUT GIC

• The authorised capital of the corporation is Rs. 75 crores.

• ShriYogeshLohiya is the Chairman cum Managing Director of GIC.
• The objectives of GIC include “superintending, controlling and carrying on general insurance
business.
SERVICES OF GIC

• Marine Insurance
• Fire Insurance
• Vehicle Insurance
• Crop Insurance
• House Insurance
• Any other insurance except life insurance.
FINANCIAL ASSISTANCE

1. Direct Assistance
The GIC finances industry in two ways:
• Granting loans.
• Underwriting & direct subscription to shares & debentures of the company.

2. Purpose-wise Assistance
• New projects
• Expansion & diversification
• Modernisation, rehabilitation & balancing equipment
• Working capital requirements.
GIC HOUSING FINANCE
PROMOTERS / MANAGEMENT
Subsidiaries
•GIC Re South Africa Ltd
GIC Re South Africa Ltd is a 100% owned subsidiary of GIC Re. It was established
by acquiring South African composite reinsurer Saxum Re in 2014 to cater to
Reinsurance needs of Africa continent, especially South Africa. The company
underwrites business from the entire African continent except Egypt and Libya.

• GIC Perestrakhovanie LLC, Russia

GIC Perestrakhovanie LLC, Russia is a 100% subsidiary of GIC Re which was
established on 14 November 2018 and was licensed on 30.01.2020 to transact
reinsurance business. The remit of the subsidiary is to write business in all classes
of reinsurance emanating from Russia and former Soviet Union countries,
namely, Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Moldova,
Tajikistan, Turkmenistan, Ukraine, Uzbekistan.
GIC Re, India, Corporate Member Ltd
As part of its global business outlook, GIC Re has been providing capacity to Lloyd’s syndicates through
quota share capital gearing treaties since 2011. As a capacity provider, since GIC Re was required to have
its own Corporate Membership at Lloyd’s, GIC Re acquired I-CAT CCM TEN Ltd, an existing Corporate
Member company, in December 2013 and renamed it as GIC Re, India, Corporate Member Ltd, which is
registered as a private limited company in the UK and 100% owned subsidiary of GIC Re. The acquisition
has the approval of the Ministry and IRDA.

GIC Housing Finance

GIC Housing Finance Limited,[9] was incorporated as 'GIC Grih Vitta Limited' on 12 December 1989. The
name was changed to its present name vide a fresh Certificate of Incorporation issued on 16 November
1993. The primary business of GICHFL is granting housing loans to individuals and to persons/entities
engaged in construction of houses/flats for residential purposes.

The Company is promoted by General Insurance Corporation of India and its erstwhile subsidiaries namely,
National Insurance Company Limited, The New India Assurance Company Limited, The Oriental Insurance
Company Limited and United India Insurance Company Limited.