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"We are all gearing up to reposition GIC as a major global reinsurer." - A top GIC official (September 2002). IntroductionThe General Insurance Corporation of India (GIC), a public sector enterprise, was also the largest non-life insurance company and one of the largest financial institutions in India. GIC used to sell non-life insurance products and related services. In 2001, GIC reported a gross direct premium1 income of Rs 107.72 billion.2 While some of the policies offered by GIC, like motor insurance, were mandatory, others were designed exclusively for specific segments - for instance, the rural insurance, which included insurance cover for huts, cattle and livestock, hens and crops. In November 2000, with the liberalization of the insurance industry, GIC became a national reinsurer - the official body for undertaking reinsurance business for all private and government organizations in the insurance industry.
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1] Sum of net premium retained in India and net premium ceded to foreign reinsurers.(Cede: To transfer all or part of a risk written by an insurer [the ceding, or primary company] to a reinsurer.) |
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