Speaking to The Financial Express, the Sri Lanka Insurance Corporation chairman JW Wickramasinghe said the company is keen on entering the Indian market as Sri Lanka is "ethnically close to India".

The $36 billion Mitsui Marine & Insurance, Japan's third largest insurance company, and the UK-based Royal & Sunalliance Insurance are also looking for local partners to undertake general insurance activities.

ING Insurance, which has tied up with the Bangalore-based Vysya Bank, is also looking for the second partner to undertake local insurance activities. It may tie up with term-lending institution Industrial Development Bank of India.

The British and Japanese insurance majors are also searching for partners among Indian banks and financial institutions.

Awaiting for the Insurance Regulatory Authority bill, the foreign insurancecompanies across the globe are busy in sharpening their focus to undertake local operations, said participants at an international seminar on "Insurance in India-- prospects & perspectives," held in Mumbai on Monday.

Wickramasinghe said, India has a lot to learn from Sri Lanka which privatised its insurance industry five years back. "With a bit of customer focus and planned restructuring the Indian state-owned companies have nothing to fear," he noted.

The state-owned company has increased its share from 40 to over 50 per cent during last five years.

"We will be focusing non-life insurance including the health insurance operation," Royal & Sunalliance chief Anthony Jacob said, adding that the institution with a 300-years of activities is looking for a worthy partner. During three years of presence in the country, the company has completed its study and research about the expected local operations.

"We may opt for the life insurance as and when the opportunity arises," said Jacob adding that thecompany is eagerly looking for new regulatory frame work.

ING Insurance chief representative in India Yvo R Metzelaar said that Dutch company will opt for specialised products. "Let the guidelines get published by the Indian authorities....We are ready to do business," Metzelaar said.

The Confederation of Indian Industries has decided to launch a new international certificate in India with the association of the Insurance Institute of India for augmenting insurance professionals.

Discounting the possible threat for the existing public sector units, KMPG managing director J Rajagopal said that the market is set for expansion. "We are the most under-insured country in the world,'' he said.

According to Rajagopal, most insurance firms planning to set up shops in India are currently looking for a strategic alliance with banks to distribute insurance product in the market.

Among the new opportunities in the Indian financial sector, Rajagopal said credit cards business is growing at a rate of 45 per cent,the home finance business at 30 per cent and the auto-finance growing at 25-30 per cent. Warranty insurance for white goods sector, comprehensive general liability, travel-related insurance and risks to database against hacking and computer virus can be other viable business for the existing companies, he said.