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GIC Re had provided reinsurance support to Reliance Industries refinery and petrochemical plants at Jamnagar and Hazira in Gujarat.
The mega risk policy of Rs.2 lakh crore is shared with 10 insurance companies. Reliance industries has paid a premium of Rs.625 crore for the cover.
The refinery has the highest asset value at a single location in the world, and is also one of the largest refining complexes, with an aggregate capacity of 1.24 million barrels of oil per day.
Furthermore, the policy has come into force from December 31,2017, and about half the risk is placed in the international reinsurance market.
