General Insurance Corporation of India popularly known as GIC Re is the only domestic reinsurer in India. Market capitalization of the Company is ₹ 65798.00 crores. Since the year 2000 This Company is involved only in business of reinsurance in India. Up to the year 2016-17 GIC re was gaining advantages of monopoly in India. However, from the year 2016 Government of India through Insurance Regulatory & Development Authority India (IRDAI) has given permission to foreign reinsurance Companies to operate their business of reinsurance in India. Thereafter 11 foreign Companies have started their reinsurance business in India through their set ups in Indian reinsurance Market. Which resulted to broke the monopoly of General Insurance Corporation of India in Indian reinsurance Market. At present the market share of GIC re is 72 % & remaining 28 % share is held with set ups of 11 foreign reinsurance Companies in India.

Anti plagiarism report: This article is checked on plagiarism detection software DrillBit. The reference Id is 4081686, where text similarity is 2% and 98 % matter is original. This paper is an attempt to study reinsurance in context of India, its development and growth