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Irdai Considers Increasing FDI in Insurance to 100%
Mint Bangalore
|January 29, 2025
The Insurance Regulatory and Development Authority of India (Irdai) is considering increasing foreign direct investment (FDI) in the insurance sector to 100% from 74% now, Deepak Sood, whole-time member of Irdai, said at the Mint BFSI Summit and Awards held recently.
Allowing 100% FDI may not only open the floodgates for offshore capital to enter India but also facilitate the entry of new foreign insurers, helping the country enhance insurance penetration to achieve the government's goal of "Insurance for all by 2047".
There are 26 life and 32 general insurers in India, with most private sector players operating through a joint venture with a foreign partner.
This story is from the January 29, 2025 edition of Mint Bangalore.
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