Insurance Companies Looking Toward India
Just over 8 years ago India’s insurance industry was opened to foreign investors, according to the BBC. Today, the insurance industry is expecting more foreign involvement as the potential for investors is huge, especially considering India’s population tops over 1 billion people.
Massive growth is predicted in India’s insurance industry, which now sets around $12 billion but is predicted to grow to over $60 billion, by 2010. Saddlebacking this growth is the reinsurance sector which backs the forefront insurance companies.
The BBC says, “Foreign reinsurers, including Lloyd’s of London, have high hopes of being given access to the Indian market.”
It is believed that foreign investment money will make it easier for insurance companies to offer affordable insurance to millions of people, including those uninsured at this time. Investors believe there are potential customers in every sector of India’s society.
The BBC goes on to say, “Indeed, some two thirds of the growth in insurance, amounting to some $35bn in annual earnings over the next few years, is expected to come from rural and semi-urban areas.”
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