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Jul 2020

Asian News - India: Foreign insurers taking bigger slice in joint ventures

Source: Asia Insurance Review | Jan 2016

Several foreign insurers have announced increases in their stakes in their Indian joint ventures to up to 49%, the maximum allowable under India’s new insurance law.
   The slew of announcements was made after the insurance regulator released in October 2015 guidelines clarifying a requirement in the insurance law – that was amended in March – for Indian insurance companies to be “Indian owned and controlled”.
   The Indian insurance market is seen as holding huge growth potential. Insurance market penetration stood at 3.3% in 2014 and is expected to grow to 5% by 2020, as the country of 1.25 billion people become richer.
   India has more than 50 insurers, 24 in the life insurance business and 28 non-life insurers.
Insurers which have raised or are increasing stakes
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