New players are eyeing a pie of India’s INR2.21 trillion (US$40.2 billion) insurance industry following the Cabinet’s approval last month to raise foreign direct investment (FDI) cap in the sector from the current 26% to 49%, reported the Hindustan Times. A partner of KPMG was quoted as saying that there is room for some 15 more players in the sector, going by the current low penetration of insurance products in the country. Read more
New players are eyeing a pie of India’s R221,400-cr insurance industry following last month’s Cabinet’s approval to raise Â foreign direct investment (FDI) cap in the sector from the current 26% to 49%.
While Magma HDI General Insurance and Liberty Videocon General Insurance have commenced operations, Avantha group Â has entered into a joint venture with Germany’s Ergo Insurance Group to form Avantha Ergo Life Insurance. Read more
Kolkata-based NBFC, Magma Fincorp, said it has received the first phase of licence from the insurance regulator to enter the general insurance space through Magma HDI General Insurance. Read more