Insurance industry receives Rs 21.7 billion foreign investments

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Kolkata, May 29 (UNI) The insurance industry in the country has received foreign investments to the tune of Rs 21.7 billion during 2000-07 and as many as 27 private players have forayed into the sector so far.

This was observed by National Insurance Company Ltd CMD V Ramasaamy while participating in the third 'Insurance Conclave,' organised by FICCI (ERC) here today.

Deliberating on ''Has the Market Grown Post-liberalisation,'' the theme of the Conclave, Mr Ramasaamy said the growth in Indian insurance industry was noticeable since 2001, especially after the sector was opened up to private players with the objective of deepening insurance penetration and expand the market in India.

He, however, pointed out that there was a huge potential yet to be unleashed as the increasing number of companies were venturing into the insurance market.

''Product innovation and customer centricity, greater focus on rural market, a well-equipped agency force and insurance education and research would be critical determinants of the future growth of the industry,'' Mr Ramasaamy opined.

He urged FICCI to give special focus on development of health insurance terming it as ''the next growth area and extremely critical for the economy''.

Mr M Ramadoss, CMD, Oriental Insurance Company Ltd and Mr G Srinivasan, CMD, United India Insurance Company Ltd were among others who addressed the Conclave.

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