New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which entity is the sole nationalized reinsurance

    company in the Indian insurance market?
    A Life Insurance Corporation of India Correct Answer Incorrect Answer
    B United India Insurance Company Limited Correct Answer Incorrect Answer
    C New India Assurance Company Limited Correct Answer Incorrect Answer
    D Oriental Insurance Company Limited Correct Answer Incorrect Answer
    E General Insurance Corporation of India Limited Correct Answer Incorrect Answer

    Solution

    General Insurance Corporation of India Limited, abbreviated as GIC Re, is an Indian public sector reinsurance company which has its registered office and headquarters in Mumbai. It was incorporated on 22 November 1972 under Companies Act, 1956. It was the sole nationalised reinsurance company in the Indian insurance market until the insurance market was open to foreign reinsurance players by late 2016 including companies from Germany, Switzerland and France. GIC Re's shares are listed on BSE Limited and National Stock Exchange of India Ltd.

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