The regulator IRDAI Chairman T.S. Vijayan has said today while pegging the total foreign investment in sector at Rs 15,000 crore in the last one year due to increase in FDI limit and revised IPO guidelines will be issued soon for insurers as some of them are keep to tap this route.
Vijayan has said the total investment of more than Rs 15,000 crore has come to India in various forms mostly equity since the passage of the Insurance Laws (Amendment) Bill last year and the bill was passed in March 2015, has raised the foreign investment cap in the sector from 26% to 49%.
Vijayan has said there was 12% has growth in life insurance and 14% growth in non-life insurance, while the health insurance sector grew by 40% and the health insurance penetration is very low in India and there is potential for higher growth.
The HDFC Standard Life recently has announced plans to catapult its Initial Public Offer (IPO) wherein parent HDFC Ltd would sell 10% stake and besides, ICICI Prudential has also plans to catapult an IPO. The insurance Information Bureau of India has said it is hosting 'IIRFA-2016', the Annual Conclave of Insurance Information and Rate making Forum of Asia here on May 26-27.
