The ball is rolling again. India is witnessing its insurance industry take a full turn. Privatisation to Nationalisation and back to Privatisation. The Indian Life Insurance sector, which was dominated by private players was nationalised in 1956 and The Life Insurance Corporation of India was formed. The Non-life insurance business was nationalised in 1972 under the aegis of General Insurance Corporation which established four subsidiaries who would compete among themselves!! And now the government intends to give both the LIC and the GIC some real competition by privatising the insurance sector. As the doors are being opened, Insurers world wide are spreading wings to have a bite in the vast Indian Insurance pie.
So lets take a look at the Foreign players entering the Indian Insurance sector and their Indian partners.
| Indian Partner |
Foreign Insurer |
Specialisation |
Present Status |
| Reliance |
No Foreign Alliance |
Life, Non-Life and Health |
Commences Operation for Non-life |
| Sahara India Group |
No Foreign Alliance |
Life |
Received IRDA nod |
| Apollo Tyres, Punjab National Bank and Vijaya Bank |
Principal Group, US |
Life |
Not Applied |
| Hindustan-Times |
Undecided |
Life |
Not Applied |
| S Kumars |
Undisclosed |
Non-Life |
Finalising Partner |
| Undisclosed |
Aegon, Netherlands |
Life and Pensions |
Finalising Partner |
| Undisclosed |
Yasuda Marine and Fire, Japan |
Non-Life |
Finalising Partner |
| Undisclosed |
Mitsui Marine and Fire, Japan |
Non-Life |
Finalising Partner |
| Undisclosed |
Nationwide, USA |
Life and Pensions |
Finalising Partner |
| Citibank India |
Undecided |
Non-Life |
Finalising Partner |
| Undisclosed |
GE Capital Services International, USA |
Life |
Finalising Partner |
| Videocon International |
Talks on with BNP Paribas, Allian, AXA all of France |
Non-Life |
Finalising Partner |
|
Individuals
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