GIC Re

GIC Re, or General Insurance Corporation of India, is the country's largest reinsurance company. Reinsurance is when insurance companies buy insurance for their own policies to protect against very large claims or losses. GIC Re helps these companies manage their risk by providing coverage for their policies, ensuring they can pay out claims even in extreme situations. It operates both within India and internationally, acting as a safety net for insurance firms, promoting stability in the insurance industry, and supporting economic growth by helping insurers manage risk effectively.