News: India Inc queues up for foray into insurance
(TNN 15/04/2006) Mumbai - Five years after liberalisation, there is a second wave among corporates planning to enter the insurance business.
One of the groups exploring the possibility is the Pune-based Kirloskar Brothers who are in talks with a few foreign players. Others looking at the space are Hindujas and Ruias of the Essar group. Sources confirmed that a few public sector banks are also interested in insurance.
At the other end of the spectrum are MNCs trying to take a foothold in India. These include Generali of Italy, Dutch insurer Aegon, Samsung Life of Korea, and Millea Holdings — the parent company of the Japanese insurer, Tokio Marine.
According to industry sources, the retail group Pantaloon is also interested in insurance and is talking to a few players.
Life as well as non-life market will see some action this year because of the number of new entrants. Besides aspiring entrants, there are partnerships that have already been finalised.
These include the IDBI Bank-Fortis joint venture and the Bharti-Axa tie up for life insurance. On the non-life side, Sompo of Japan has recently tied up with Allahabad Bank and Axa is looking at this business as well.
Sahara Life and Shriram Life Insurance have received licence to sell insurance, but are yet to launch their business in a big way.
The impact is already being felt on the job market with the new entrants targeting the limited talent pool. This would soon spread to customer acquisition as well.
The insurance market in India is expected to grow several fold as the market penetration is nearly half that of industrialised countries.
For most of the foreign multinationals present here, India has already emerged as the largest market in Asia in terms of new business premium.
One of the groups exploring the possibility is the Pune-based Kirloskar Brothers who are in talks with a few foreign players. Others looking at the space are Hindujas and Ruias of the Essar group. Sources confirmed that a few public sector banks are also interested in insurance.
At the other end of the spectrum are MNCs trying to take a foothold in India. These include Generali of Italy, Dutch insurer Aegon, Samsung Life of Korea, and Millea Holdings — the parent company of the Japanese insurer, Tokio Marine.
According to industry sources, the retail group Pantaloon is also interested in insurance and is talking to a few players.
Life as well as non-life market will see some action this year because of the number of new entrants. Besides aspiring entrants, there are partnerships that have already been finalised.
These include the IDBI Bank-Fortis joint venture and the Bharti-Axa tie up for life insurance. On the non-life side, Sompo of Japan has recently tied up with Allahabad Bank and Axa is looking at this business as well.
Sahara Life and Shriram Life Insurance have received licence to sell insurance, but are yet to launch their business in a big way.
The impact is already being felt on the job market with the new entrants targeting the limited talent pool. This would soon spread to customer acquisition as well.
The insurance market in India is expected to grow several fold as the market penetration is nearly half that of industrialised countries.
For most of the foreign multinationals present here, India has already emerged as the largest market in Asia in terms of new business premium.
posted by InCar Group Press Room at 13:36
0 Comments:
Post a Comment
<< Home