Page 224 - Reinsurance Management IC85

The Insurance Times

and administer Pools for the Indian market. As of
2010 the GIC Re is entrusted to manage and
administer -
1. Indian Motor Third Party Insurance Pool
2. Indian Terrorism Insurance Pool
3. Indian Marine Hull Insurance Pool

GIC Re has developed in collaboration with expert
firms modeling software to determine aggregate
exposures arising from Earthquake and Windstorm.
GIC Re is working towards modeling software for
all Natural Catastrophe perils.

As per regulations as revised GIC Re receives 10%
obligatory (statutory) cession from all insurers on all
classes of business underwritten by them. There are
caps on cessions of risks with higher limits. In
respect of terrorism risk all 100% is ceded to the
Market Pool and there is no obligatory cession. GIC
Re has to retrocede at least 50% of the obligatory
cessions received by it to the ceding insurers after
protecting the portfolio by suitable excess of loss

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