What is the GIC Full Form in Insurance?
GIC Full Form in Insurance is the General Insurance Corporation of India. GIC is a government owned insurance company recognized by the Ministry of Finance. GIC’s vital role is to administrate, control, and carry on the businesses of general insurance in India.
The objective of GIC:
Its function is to reinsure the private and public insurance companies to stabilize the market, increase growth, and encourage the insurers to take significant risks. It is a striking force that flourishes in the insurance industry, providing effective public service. It offers reinsurance across various ranges of business lines including material goods, motor, agriculture, marine, engineering, aviation, health, etc.
Roles and Functions of GIC:
Insurance companies: Fundamentally, it satisfies the needs of other insurance companies globally. It acts as a safeguard for the insurers to manage and overcome risks and stabilize the insurance market.
Insurance agents: Having insurance brokers or agents as intermediates, GIC connects with large groups of audiences who need insurance products and provides broad security for individuals and businesses.
Government bodies: GIC also collaborates with government bodies and initiatives allied to insurance. By supporting government insurance programs, GIC penetrates and promotes financial inclusion.