International Insurance firms put India plans on hold

[NewsDesk]

Several global insurance majors that were scouting for joint venture partners to enter the domestic market have put their plans on hold as overall costs have risen after new guidelines from Insurance Regulatory and Development Authority (IRDA) and uncertain policy framework. South Korea’s Samsung Life Insurance, French firm Scor Global Life and Canada based Manulife were among that were interested in entering the widely untapped Indian market and were looking for domestic partners.

A host of life insurance firms that are already present in India have also resorted to restructuring exercise while significantly reducing headcount to cut costs.

Several mid sized insurance majors were also looking to rope in a third partner to support their businesses.

Source - HT

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[Master]

When govt. is not taking positive decisions for insurance sector and also IRDA is bringing new regulations, which is hurting growth of the insurance sector, this will happen.

[NewsDesk]

When govt. is not taking positive decisions for insurance sector and also IRDA is bringing new regulations, which is hurting growth of the insurance sector, this will happen.

Govt is working now - "To give a push to reforms, the government may consider raising foreign direct investment limit in the insurance sector to 49 per cent from the existing 26 per cent."

Source - BusinessLine