Question

Select the incorrect one/ones about the public sector insurance companies in India using the code given below:
1. There are 5 public sector companies involved in offering various general insurance products in India today.
2. There are two dedicated public sector agriculture insurance companies in India today.

• A. Only 1
• B. Only 2
• C. 1 and 2
• D. Neither 1 nor 2

Answer 1

Answer: (B)

Only 2

There are 4 such public sector insurance companies, namely-the New India Assurance Company Limited, National Insurance Company Limited, The Oriental Insurance Co. Ltd., United India Insurance Co. Ltd. (involved in the general insurance segment as competitors); the Export Credit Guarantee Corporation (provides different insurance services to the export sector of India) and the Agriculture Insurance Company of India Ltd. (a dedicated PSU for agriculture insurance) - latter two are the dedicated insurance companies of GoI but offering different general insurance products.