India is considering rule changes to bolster insurance penetration in the country as more companies, including foreigners, line up to enter the segment.
Insurance penetration remains abysmally low at less than 5% in the country of 1.4 billion people, signaling growth potential for investors.
Four new firms have entered the nation’s insurance sector in the last year, and a few more are in various stages of enrollment, indicating the business environment is favorable, according to Panda.
“The expanding middle class, young population, growing disposable incomes, and widespread usage of technology provide several prospects,” Panda said, adding the sector needs more technical capacities, expertise, technology and capital.
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