Since Narendra Modi’s government has been in power, significant changes have been made to boost India’s economy and society. • One major change was implementing the Indian Insurance Act, first proposed by the previous government. • The Act enables global reinsurers to enter as 100 per cent owned branches and increases overall foreign direct investment (FDI) in the insurance industry from the current limit of 26 per cent to 49 per cent. • While there are many aspects of insurance, the most significant opportunity not only for insurers but also for Indian society, is the health insurance sector.
India is one of the fastest growing health insurance markets in the world. It has grown rapidly since the industry opened to private and foreign players in 1999 with the establishment of the Insurance Regulatory Developments Authority. • In 2014, the health insurance market grew to $2.7bn from just $150m in 2004. It is on track to hit $8bn by 2020. • There are a number of factors driving this growth. From a workforce perspective, just 10 per cent of India’s 300m working population work within formal sectors such as government.
Active foreign participation is critical for the sector, bringing better standards and driving competition, with better quality products, customer coverage and choice. • The increase in the FDI limit will create significant opportunities for foreign players to enter the market through joint ventures, mergers or acquisitions. • Modi’s government has promised to revamp best health insurance in India and make services more affordable and accessible for all walks of society. • [Source: http://blogs.ft.com/beyond-brics/2015/03/30/indias-insurance-reform-will-benefit-insurers-and-society/]
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