How insurers in India share risk with reinsurers, and the rules that govern cessions. This topic has 7 entries.
ReinsuranceReinsuranceReinsurance is insurance bought by insurers: an insurer passes part of the risks it has written to a reinsurer, which shares the claims in return for a share of the premium.ReinsuranceGIC Re (General Insurance Corporation of India)GIC Re (General Insurance Corporation of India) is India's state-owned national reinsurer, headquartered in Mumbai, which receives the obligatory cession and leads most Indian reinsurance programmes.ReinsuranceTreaty reinsuranceTreaty reinsurance is a standing agreement, usually renewed yearly, under which a reinsurer automatically accepts an agreed share of a whole class of an insurer's policies on pre-set terms.ReinsuranceFacultative reinsuranceFacultative reinsurance is reinsurance arranged for one specific risk at a time, which the insurer may choose to offer and the reinsurer may choose to accept, on terms set for that risk.ReinsuranceObligatory cessionObligatory cession is the share of every general insurance policy that Indian insurers must reinsure with an Indian reinsurer by law; for 2026-27 it is 4% of the sum insured, all ceded to GIC Re.ReinsuranceForeign reinsurance branches (FRBs)A foreign reinsurance branch (FRB) is an Indian branch of an overseas reinsurer, registered with IRDAI to write only reinsurance; Lloyd's operates in India on similar terms through Lloyd's India.ReinsuranceRetrocessionRetrocession is reinsurance bought by a reinsurer: it passes part of the risks it has accepted from insurers to other reinsurers, called retrocessionaires, to limit its own exposure.
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