Domestic
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 on PML basis |
Marine | Hull - USD 75 million any one vessel |
Cargo - USD 75 million any one policy/sending | |
Energy - USD 75 million per risk | |
Engineering | INR 25,000 mln. Sum Insured i.e. INR 2500 cr Sum Insured on PML basis |
Miscellaneous | INR 2500 million. Sum Insured |
Liability | INR 5000 million per risk |
Credit | INR 1350 million |
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- MAV | Spares - MAV | LIABILITY- Occurence | HWR- MAV | |
AIRLINES | US$ 12.50 Mln | US$ 20.00 Mln | US$ 60.00 Mln | |
GENERAL AVIATION | US$ 15.00 Mln | US$ 15.00 Mln | US$ 75.00 Mln | US$ 15.00 Mln |
TREATY- Proportional | US$ 7.50 Mln Any One Treaty | |||
TREATY- NonProportional | US$ 07.50 Mln Any One Programme | |||
Aerospace / Manufacturers | US$ 75.00 Mln | |||
Aviation PA/LOL Covers (Per Pilot/Crew) | US$ 0.50 Mln |
Life Re
Type | Capacity Offered |
---|---|
Proportional/Facultative | INR 60 crores per Life |
Non-Proportional/Facultative | INR 135 crores |
Ranked 10thLargest Global Reinsurer Group(Non-IFRS 17 Reporting Reinsurer- compiled by AM Best)