GIC


Ajit Kumar AJIT KUMARWISDOM IAS, New Delhi.

In 1972, the General Insurance Business (Nationalisation) Act, 1972 (GIBNA) nationalised the general insurance business in India with effect from 1st January 1973.
The Government of India (GOI), through Nationalisation took over the shares of 55 Indian insurance companies and the undertakings of 52 insurers carrying on general insurance business.
General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA.
It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares.
GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance.
As soon as GIC was formed, GOI transferred all the shares it held of the general insurance companies to GIC.
Simultaneously, the nationalised undertakings were transferred to Indian insurance companies.
After a process of mergers among Indian insurance companies, four companies were left as fully owned subsidiary companies of GIC
(i) National Insurance Company Limited.
(ii) The New India Assurance Company Limited.
(iii) The Oriental Insurance Company Limited.
(iv) United India Insurance Company Limited.

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



GIC Re



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 5 % on each and every policy subject to certain limits. It leads many of domestic companies’ treaty programmes and facultative placements.



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 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.



Subsidiary Company -  GIC Re South Africa Ltd - GIC Re India’s maiden 100% owned subsidiaryis now fully operational with smooth transition of sub-saharan business from Mumbai. GIC Re SA’s operations in Johannesburg havestarted underwriting business from Jan 1, 2015 with a mandate to write inward reinsurance and retrocession business emanating from Sub-Saharan Africa.


 National Insurance Company Limited
 
The National Insurance Company Ltd was established during 1906 and its registered office is in Kolkata. After the General Insurance Business Nationalisation Act was passed in 1972, 11 Indian insurers and 21 international companies were merged into it. The insurer consequently became a part of the General Insurance Corporation of India (GIC), which was wholly owned by the Indian government.
 
National Insurance Company Limited is one of the top general insurers in the public sector of India. Its head offices are at Kolkata and it has almost 1000 offices across the country and operates in remote townships and rural areas as well as metros. The insurer has at least 16 thousand skilled employees and its foreign operations are executed from its Nepal office.
  
New India Assurance Company Limited
 
New India Assurance Co Ltd, today, is a 100 % Govt owned multinational general insurance company operating in 28 countries and headquartered at Mumbai, India. Founded by Sir Dorabji Tata in 1919, we have been market leaders in India in non-life business for more than 40 years.


Vision


To be the most respected, trusted and preferred Non-life Insurer in the Global markets we operate.


Mission


- To develop General Insurance Business in the best interest of the community.
- To provide Financial Security to Individuals, Trade, Commerce & all other segments of the Society by offering Insurance products & Services of High Quality at affordable Cost.
 
Oriental Insurance Company Limited
 
The headquarters of the company is located in New Delhi with 30 regional offices and more than 1800 active branches across the country. The company also has branches in Nepal, Kuwait, and Dubai. The company has recorded a gross premium of Rs. 7282.54 crores in the financial year 2013-2014.
 
United India Insurance Company Limited
United India Insurance Company Limited was incorporated as a Company on 18th February 1938. General Insurance Business in India was nationalized in 1972. 12 Indian Insurance Companies, 4 Cooperative Insurance Societies and Indian operations of 5 Foreign Insurers, besides General Insurance operations of southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited. After Nationalization United India has grown by leaps and bounds and has more than 1 Crore policy holders. The Company has variety of insurance products to provide insurance cover from bullock carts to satellites.
United India has been in the forefront of designing and implementing complex covers to large customers, as in cases of ONGC Ltd , GMR- Hyderabad International Airport Ltd, Mumbai International Airport Ltd Tirumala-Tirupati Devasthanam etc. It has been also the pioneer in taking Insurance to rural masses with large level implementation of Universal Health Insurance Programme of Government of India & Vijaya Raji Janani Kalyan Yojana , Tsunami Jan Bima Yojana, National Livestock Insurance and many such schemes.


Tuesday, 05th Apr 2016, 07:58:29 AM

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