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As a sole reinsurer in the domestic reinsurance market, GIC Re provides reinsurance to the direct general insurance companies in the Indian market. GIC Re receives statutory cession of 4% on each and every policy subject to certain limits. It leads many of domestic companies’ treaty programmes and facultative placements. GIC Re’s capacity for each class of business on Treaty and Facultative basis for domestic business is given in the following table
| Class |
Capacity |
| Property |
INR 40,000 mln. any one risk i.e. INR 4000 cr any one risk |
| Energy |
USD 100 million per risk |
| Marine |
Hull - $ 100 million. any one vessel |
| |
Cargo $ 100 million. Any one policy/sending |
| Engineering |
INR 25,000 mln. Sum Insured i.e. INR 2500 cr Sum Insured |
| Miscellaneous |
INR 2500 million. Sum Insured |
| Liability |
INR 2500 million per occurrence |
| Spares |
INR 250 million.. |
| Health |
INR 2500 million. |
| Agriculture/Weather Insurance (Domestic) |
INR 4,000 crores on Sum Insured/PML basis. |
| Motor & Workmen Compensation |
INR 35 Crores (Facultative) |
| INR 100 Crores (Treaty) |
Capacity indicated above is per risk absolute maximum
Aviation
| DOMESTIC |
| |
HULL |
LIABILITY |
| AIRLINES |
US$ 30 Mln |
US$ 150 Mln |
| GENERAL AVIATION |
US$ 25 Mln |
US$ 175 Mln |
| TREATY- Proportional |
US$ 8 Mln Any One Treaty |
|
| TREATY- NonProportional |
US$ 7.5 Mln Any One Programme |
|
Life Re
| Type |
Capacity Offered |
| Proportional/Facultative |
INR 60 crores per Life |
| Non-Proportional/Facultative |
INR 135 crores |
As GIC Re 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.
Capacity Offered
GIC Re offers the following Underwriting Capacities to its international clientele.
Property
| Type |
On PML Basis |
Sum Insured |
| Facultative |
US $ 20 million |
US $ 50 million |
| Treaty |
US $ 4 million |
US $ 10 million |
Engineering
| Type |
On PML Basis |
Sum Insured |
| Facultative |
US $ 20 million |
US $ 50 million |
| Treaty |
US $ 4 million |
US $ 10 million |
Marine Hull, Cargo & Offshore Energy (per risk)
| Type |
Cargo |
Hull |
Energy |
| Facultative |
$ 12.5 million |
$ 12.5 million |
$ 100 million |
| Treaty |
$ 12.5 million |
$ 12.5 million |
$ 10 million |
Aviation
| INTERNATIONAL |
| |
HULL |
LIABILITY |
| AIRLINES |
US$ 15 Mln |
US$ 125 Mln |
| GENERAL AVIATION Int (other than SAARC) |
US$ 7.5 Mln |
US$ 50 Mln |
| GENERAL AVIATION SAARC |
US$ 10 Mln |
US$ 150 Mln |
| TREATY- Proportional |
US$ 8 Mln Any One Treaty |
|
| TREATY- NonProportional |
US$ 7.5 Mln Any One Programme |
|
Liability
| Type |
Limit of Liability basis (Claims made basis covers) |
| Facultative |
US $ 10 million |
| Treaty Proportional |
US $ 6 million |
| Non-Proportional |
US $ 8 million |
Miscellaneous
| Type |
PML Basis |
S I Basis |
| Facultative |
US $ 20 million |
US $ 50 million |
| Treaty Proportional |
US $ 4 million |
US $ 10 million |
| Treaty Non-Proportional |
|
US $ 25 million |
Motor (SI)
| Type |
Motor |
| Facultative |
US $ 5 million |
| Treaty |
US $ 10 million |
Life Re
| Type |
Capacity Offered |
| Proportional/Facultative |
USD 8 Mln per Life |
| Non-proportional |
USD 18 mln |
Agriculture/Weather Insurance
| Type |
Capacity Offered |
| Agriculture/Weather Insurance (Foreign) |
USD 50 mln on Sum Insured basis and USD 25 mln on PML basis |
Domestic Reinsurance Business
As a sole reinsurer in the domestic reinsurance market, GIC provides reinsurance to the direct general insurance companies in the Indian market. GIC 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. GIC’s capacity for each class of business on Treaty and Facultative basis for domestic business is given in the following table.
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International Reinsurance Business
A GIC is spreading 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 offices in London and Moscow. GIC provides following capacities for Treaty and Facultative business on risk emanating from the international market based on merits of the business.
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Training / Life
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