Private sector can be a challenge to LIC

HDFC chairman Deepak Parekh has said that private sector insurance companies can give big challenge to public sector Life Insurance Corporation in terms of grabbing market shares. “We all know that LIC had 100 per cent market share before the sector was opened up for the private sector. The LIC market share is now 50 per cent. It can be 25 per cent after some years,” Parekh said. “There’s tremendous growth opportunity in the insurance sector. In India, insurance is under-penetrated,” he said.