Insurance FDI may lure Rs 30k cr: Irda

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Agencies: Hyderabad, Oct 05 2012, 16:30 IST

said.

"This move will increase insurance sector share in the GDP also. If the GDP also raises then the percentage may remain marginally high," he said.

The premium income of the general insurance industry, comprising 21 private and four public sector insurers, stood at Rs 27,942 crore in the first five months of the current fiscal. It was 18 per cent higher than Rs 23,748 crore in the corresponding period in 2011-12.

However, the premium income of life-insurance industry declined by 15 per cent to Rs 34,358 crore in the first five months of the current fiscal, compared to Rs 40,654 crore in the same period last year.

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FDI will Improve Insurance

ashwin | 06-Oct-2012Reply | Forward

How will FDI improve the penetration of the insurance in the uncovered markets? All insurance companies are focussing at urban markets as these generate substantial amounts. But these are more or less looking saturated. With the last debacle SEBI, IRDA brought in reforms to protect investors but finished the insurance sector which had started to build solid capital for growth. When are our leaders and bureaucrats going to understand that growth shown by foreign participation is virtual and artificial. The foreign investors are not interested in growth of India but their own. Nothing is going to change with the FDI involvement but more likely to be otherway round.