The General Insurance Corporation of India was incorporated in the year 1972 under the company's act 1956 as a private company. In November 2000, the company was approved as the "Indian Reinsurer". Since then the General Insurance Corporation of India has been providing reinsurance supports to public sector as well as to other private general Insurance Companies.
The efbrfective reinsurance practices adopted by the corporation has led it to be accepted globally. Presently it holds business particularly the reinsurance programme with the companies in Maldives, Kenya, Malaysia, Mauritius, Middle East, Africa and Sri Lanka.
As to the statistics, during the year 2003-04, the net premium income of the Corporation has grown to Rs 4,162.98 crore in comparison to Rs 3832.79 crore in the previous year. The total asset of the corporation has reached at Rs 16,441.13 crore as on 31 March 2006.
Besides reinsurance business, the corporation has participated in the share capital of Kenindia insurance company Ltd.
Public Sector General Insurance Companies In India
The four public sector general insurance companies in India are as follows:
- National Insurance Company.
- New India Assurance Company Ltd.
- Oriental Insurance Company Ltd.
- United India Insurance Company Ltd
The above four general insurance companies in India de-linked from the general insurance company in the year 2000.
As to the statistics, the gross premium of the above four companies have reached at Rs 14,285 crore in 2003-04.