Question

List the subsidiary companies of GIC.

Hint:

NICL, NIACL, OICL, and UIIC are the four key subsidiaries of GIC.

Answer 1

The General Insurance Corporation of India (GIC) was formed to control and operate the general insurance business in India.
Originally, GIC had four major subsidiary companies which handle different segments of general insurance.
The main subsidiaries of GIC are:
1. National Insurance Company Limited (NICL)
2. New India Assurance Company Limited (NIACL)
3. Oriental Insurance Company Limited (OICL)
4. United India Insurance Company Limited (UIIC)
These companies offer various general insurance products like fire, marine, motor, and health insurance.
After reforms, these subsidiaries operate independently but were originally under GIC’s control.