The non-life insurance sector finally witnessed a long-standing demand being fulfilled in terms of increase in FDI limit to 74%. This should catalyse the long-term development and growth of the industry. At the same time, steps such as privatization, increased allocation to healthcare and infrastructure, voluntary scrapping of vehicles policy are positive for the sector. What remains to be seen is the timely implementation of these measures.
(The author is MD & CEO of ICICI Lombard General Insurance)
Published 01 February 2021, 14:37 IST