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New foreign insurers eye Indian entry

india Updated: Oct 19, 2012 01:05 IST
Mahua Venkatesh
Mahua Venkatesh
Hindustan Times
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After a gap of about three years, there could be new players entering the Indian insurance sector as the government is preparing to present the Insurance Laws (Amendment) Bill to Parliament in the forthcoming winter session.

The bill seeks to increase the foreign direct investment (FDI) level to 49% from the current 26%.

Global insurance majors including Canada-based Manulife and French firm Scor Global Life and South Korean Samsung Life Insurance - which had earlier shown interest in entering the Indian market and were scouting for domestic partners - have revived their interest, an industry source said.

The source also said that a couple of standalone health insurance companies, besides life insurers, are also looking to foray into the Indian market.

"However, their final stand on whether to enter the Indian market would depend on how things shape up in the next few months and the test would be for the government to walk the talk at least on most issues," said the industry source.

A senior finance ministry official, however, said that the government was determined to increase the FDI limit in the insurance sector in the next session of Parliament.

"We have already chalked out ways to go about it in the next Parliament session," the official said.