Insurance sector seeks 49% FDI
The insurance sector has demanded a hike in foreign direct investment (FDI) limit from the present 26 per cent to 49 per cent and exemption of service tax for health insurances.
By PTI |
MUMBAI: The insurance sector has demanded a hike in foreign direct investment (FDI) limit from the present 26 per cent to 49 per cent and exemption of service tax for health insurances.
"For the growth of the insurance sector, the FDI cap of 26 per cent should be increased to 49 per cent. This will help to further deepen the Indian insurance market," Unison Insurance Broking Services' Managing Director, B K Sinha, said on the sidelines of an insurance seminar on Sunday.
"The Government should also consider exemption of service tax for health insurance, which will give more penetration at lower levels," Sinha said.
IRDA's move to detarrif the general insurance business, means that the pricing of the insurance policies are left to the individual insurance companies concerned, was a welcome step.
"With a conducive policy and encouragement from the authorities, the insurance sector too will surely see innovation of products/pricing and improved service," Bajaj Allianz's CEO, Swaraj Krishnan, said while addressing the seminar on Detariffing in General Insurance Sector.
"India was somewhat immune to the global underwriting cycle. With free pricing, insurers' ability to assess and rate the risk is of paramount importance," Krishnan said.
"For the growth of the insurance sector, the FDI cap of 26 per cent should be increased to 49 per cent. This will help to further deepen the Indian insurance market," Unison Insurance Broking Services' Managing Director, B K Sinha, said on the sidelines of an insurance seminar on Sunday.
"The Government should also consider exemption of service tax for health insurance, which will give more penetration at lower levels," Sinha said.
IRDA's move to detarrif the general insurance business, means that the pricing of the insurance policies are left to the individual insurance companies concerned, was a welcome step.
"With a conducive policy and encouragement from the authorities, the insurance sector too will surely see innovation of products/pricing and improved service," Bajaj Allianz's CEO, Swaraj Krishnan, said while addressing the seminar on Detariffing in General Insurance Sector.
"India was somewhat immune to the global underwriting cycle. With free pricing, insurers' ability to assess and rate the risk is of paramount importance," Krishnan said.
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