Global Reinsurance Solutions. GIC Re. Your Partner In Risk. General Insurance corporation of India

Transcription

1 Global Reinsurance Solutions GIC Re Your Partner In Risk General Insurance corporation of India 1

2 Vision & Mission Vision To be a Leading Global Reinsurance and Risk Solution Provider Mission Building long-term mutually beneficial relationship with business partners Practicing fair business ethics and values Applying state-of-the-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 2

3 Core Values Trust and mutual respect Professional excellence Integrity and transparency Commitment Responsive service 3

4 Global Reinsurance Solutions Value Added Services Help in designing reinsurance programme of insurance companies in India, SAARC Region & Africa Emphasis on Customer Relationship Management Offer Risk Rating Services Conduct Training Programme for Indian & Foreign Clients on Reinsurance, Risk Management & other Technical topics such as Aviation, Oil & Energy etc. EQ Modeling 4

5 Business Profile Global reinsurer for Non Life and Life Business Obligatory cessions from Indian General Insurers Retakaful business operations under guidance of the TASIS- Sharia Advisory Institution in India and a Sharia Board Lead / Participate in Excess of Loss programmes and proportional treaties of Indian Insurers as also international insurers/ Reinsurers Facultative support for traditional as well as new products Providing substantial support to various Agricultural insurance Programmes of companies including weather based schemes Managing pools for Marine Hull, Terrorism and Motor Third Party Commercial Vehicles Founder Manager for FAIR Nat Cat Pool Setting up the Indian Nuclear Pool 5

6 Credit Rating A (Excellent) Financial Strength Rating by A M Best & Co. AAA (In) Claims Paying Ability Rating by CARE 6

7 Ranking Ranked 14 th among International Reinsurers by S & P Ranked 16 th among International Reinsurers by AM Best 7

8 Accolade - Marine Insurance Award 8

9 Accolade IT Initiative Award 9

10 Overseas Branch Operations Dubai London Kuala Lumpur Operational from 1 st Jan, 2007 Caters to the Middle East & North Africa (MENA Region) Operational from 1 st Jan, 2008 Caters to UK, EU, Caribbean and South America Operational from 1 st Jan, 2011 Caters to the ASEAN Region Experienced team in place to handle the operations Integrated operations with real time access into the centralized repository 10

11 Overseas Operations Moscow Office A Representative Office Tapping business from Russia and Former Soviet Union countries Brazil Holding Eventual Reinsurer status in Brazil Plans to upgrade to Admitted Reinsurer Status South Africa Plans to establish presence in South Africa 11

12 New Initiatives Project ethru Aimed at removing inefficiencies and inaccuracies in manual/ batch mode transactions between GIC Re and Business Associates, ethru was commissioned on Two major intermediaries already using ethru platform and others are readying to join in Would reduce paper based transactions and enable seamless integration across the supply chain Would help to improve underwriting and claim decision making, speedy realisation of receivables and claim settlements 12

13 New Initiatives HR Greater emphasis on Training Induction of specialist talent Actuarial/ Engineering/ Legal Performance Management System for all officers & continued updation to bring in efficiency New Pension Scheme implementation Performance Linked Incentive Scheme 13

14 New Initiatives ERM Develop a robust and dynamic risk governance structure including roles and responsibilities at various levels Understand GIC Re s risk profile, define the risk appetite, tolerance and limits To apportion risk appetite to business units to monitor and control risk Embedding risk management in strategic/ business decisions Improve compliance with corporate governance guidelines, practices and laws & regulations Providing up-to-date information to the Board / Management level Enterprise Risk Management Committee (ERMC) 14

15 Underwriting Guidelines and Philosophy Fac business accepted giving due consideration to the Risk Profile, Price, Deductible, Capacity, Claims Experience and Accumulation Conservative approach while writing business from Latin America, Caribbean & CAT Exposed countries Purchased adequate area specific protection Protections placed mostly with A rated securities (as against the requirement of BBB & above rated securities as per IRDA regulations) 15

16 Underwriting Guidelines and Philosophy The RMS Risk Linked Software is used for monitoring earthquake exposures in India Overseas branch offices also utilised similar tools for Earthquake mapping Cresta zone-wise Indian non-life insurance companies provide their aggregate exposures data vis-à-vis catastrophe risks to GIC Re. This is generated from their software systems developed and implemented to capture the exposure data On the basis of information received from all insurance companies, GIC Re evaluates its Catastrophe Accumulation An MOU has been entered into with AIR Worldwide, a leading CAT modeling software provider, to analyze GIC Re s domestic exposures due to cyclones 16

17 Business Performance US$ Mln Gross Premium 2,173 2,624 Net Premium 1,959 2,361 Incurred Claims 1,530 1,938 % of Net Premium 78.12% 82.05% PAT ROE: : 1 US$ = ` : 1 US$ = `

18 Net Premium Total (Domestic & Foreign) Domestic Foreign 18

19 Financials US$ Mln 19

20 Premium US$ Mln 20

21 Net Earned Premium (Domestic + Foreign) Class Wise

22 Capital Adequacy & Optimisation Financials as at Heads Growth INR Mln US$ Mln Paid up Capital 4,300 4, Free Reserves 85,966 93, % 1,919 2,109 Net worth 91,333 99, % 2,039 2,230 Tech. Reserves 137, , % 3,070 3,737 Investments 335, , % 7,494 8,242 Total Assets 438, , % 9,786 11,170 ROE: : 1 US$ = ` : 1 US$ = `

23 Global Solvency Margin and Ratio as on US$ Mln Item Description Total Balance Available in Shareholders` fund Required Solvency Margin Solvency Ratio As against the mandatory solvency margin of 1.5 times GIC Re has 3.35 times GIC Re is adequately capitalized 23

24 Capitalization Review & Dividend Policy GOI, the owners, have mandated a Dividend Payout policy of 20% of PAT or 20% of Share Capital whichever is higher GIC Re aims to maintain 20% dividend payout on PAT and increase the reserve strength to support future growth plans Dividend paid during last five years are as follows : Share Capital (INR Mln) 4,300 4,300 4,300 4,300 4,300 Share Capital (US$ Mln) Dividend %

25 Productivity & Per Employee Profit US$ Mln (Annualised) Productivity per Employee Profitability per Employee

26 GIC Re s Business with Lloyds US$ Mln Inward Premium form Lloyds Retro Premium to Lloyds Net Premium

27 Business Partners- Lloyds: Sr. No. Name of Syndicate Sr. No. Name of Syndicate 1 A Taylor Esq Synd No Lloyds Syndicate - Cathedral 2 Advent Syndicate Lloyds Syndicate Aegis Syndicate Lloyds Syndicate Antares Syndicate Lloyds Syndicate Chaucer 5 Ark Syndicate Lloyds Syndicate Asia Marine Syndicate Lloyds Syndicate 1209 Xl 7 Atrium Syndicate No Lloyds Syndicate 1221 S L Thomas 8 Barbican Syndicate Lloyds Syndicate 1861 Cgu 9 D E Hope Synd Lloyds Syndicate 1910-Arrow Synd. 10 Ed Syndicate Lloyds Syndicate 33 Hiscox 11 Faraday Lloyds Syndicate 566 Stn 12 Hiscox Syndicates Limited 30 Lloyds Syndicate 9236/Atr Atrium 13 J.H. Philips & Ors. Lloyds Syndicat 31 Lloyds Syndicate 994 Sim 14 Kiln Catastrophe Syndicate No Lloyds Syndicate Aml Kiln Mathers Syndicate No Lloyds Syndicate Canopius Liberty Syndicate Lloyds Syndicate Cvs Lloyd Tunisien 35 Lloyds Syndicate Hdu Lloyds Synd Lloyds Syndicate Hgj 0205

28 Business Partners- Lloyds: Sr. No. Name of Syndicate Sr. No. Name of Syndicate 37 Lloyds Syndicate Hyl Lloyds Syndicate Pwh Lloyds Syndicate Irk Lloyds Syndicate Sam Lloyds Syndicate Kcs Lloyds Syndicate Sam Lloyds Syndicate Kln Lloyds Syndicate Sjc Lloyds Syndicate Msp Lloyds Syndicate Wel No Lloyds Syndicate No 1206 Sagicor 60 Lloyds U/W Syndicat Lloyds Syndicate No Lloyds U/W Syndicate Lloyds Syndicate No 2003 Catlin 62 Lloyds Underwriter Syndicate No Lloyds Syndicate No Lloyds-Cathedral Mmx Lloyds Syndicate No M S F Pritchars Lloyds Syd No Lloyds Syndicate No Aes Millennium Cons Lloyds Syndicate No Omega Syndicate Lloyds Syndicate No Pembroke Lloyds Lloyds Syndicate No Qbe Re (Europe) Syndicate Lloyds Syndicate No R.J. Merritt Syndicate Lloyds 52 Lloyds Syndicate No R.J.Kiln Synd Lloyds Syndicate No Rfh Wilshaw Synd 807 / Sd Mathers 54 Lloyds Syndicate No Travellers 5000, Lloyds Syndicate

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