Features of General Insurance Corporation of India
 

Hello, I am looking for the details regarding the Features of the General Insurance Corporation of India. So can you please provide me the details regarding this including the contact details of the Corporation so that it may be helpful for me??

Re: Features of General Insurance Corporation of India
 

General Insurance Corporation of India is also known as GIC of India. It is the sole reinsurance company in the Indian insurance market which is headquartered in Mumbai, Maharashtra, India.

It was established on 22 November 1972.

The list of the places where the GIC Re is located:

Mumbai
Dubai
Malaysia
UK, London
Moscow
Delhi Liasion
Chennai Liasion
Kolkata Liasion

You are looking for the details regarding the Features of the General Insurance Corporation of India. So I am providing it to you:

Features:

Domestic Business
International Business
Overseas Offices
Training / Risk Rating Systems
Revenue Account
Good Ratings / Rankings
Tenders

Contact:
"Suraksha",
170, Jamshedji Tata Road,Churchgate,
Mumbai - 400 020
India
Tel.: (Board): +91 22 2286 7000
Email: info@gicofindia.com

Re: Features of General Insurance Corporation of India
 

Sir I want to know about the various features of General Insurance Corporation of India so can you tell me the same

Re: Features of General Insurance Corporation of India
 

GIC Re has its registered office and headquarters in Mumbai

GIC of India (GIC Re) is the only reinsurance company in the Indian insurance market with over four decades of experience.


The entire general insurance business in India was nationalised by the Government of India (GOI)

GIC and its subsidiaries had a monopoly on the general insurance business in India until the landmark Insurance Regulatory and Development Authority Act (IRDA Act) of 1999 came into effect on 19 April 2000

It plays an important role in the economic development of the country. It provides long term loans to the industries. GICI also helps towards the creation of infrastructural facilities in the country.

Features of GIC

GICI promotes social security in the country.

It sells various policies to mitigate the risks involved in the social sector. It provides opportunity to take insurance at a reasonable cost.

It remains engaged in spreading awareness about general insurance throughout the country. It has been functioning very actively and efficiently to spread the insurance business.

GICI provides financial assistance to industries issue shares and debentures of corporate sector.

In November 2000, GIC was renotified as India's Reinsurer

In 2014 GIC Re has been assigned National Scale ‘AAA’ Reliability Rating And Global Scale ‘iA-’ Credit Rating by Russian National Rating Agency (NRA).

GICI acts as an underwriter. When corporate organizations issue shams and debenture to the public GICI provides guarantee to subscribe certain number of securities which are not subscribed by public.

GICI actively participates in the share market by acquiring shares and debentures. It also invests in shares of government companies.

GICI undertakes necessary measures to settle the claims of the insured.

GICI provide loans to other financial institution., like HUDOCO. It also purchases shares and debentures of these organizations.