The ABI has welcomed the decision by the Indian Government to introduce a Bill increasing the cap on foreign direct investment in the country's insurance sector from 26% to 49%.
Stephen Hadrill, ABI director general, commented: "We are delighted with the Chancellor's success in gaining commitment from the Indian finance minister for greater openness in the insurance sector.”
He added: “We have made sustained calls for reform of this cap, and look forward to the early implementation of these promises. Action will benefit Indian consumers and help to grow the insurance sector and capital markets more broadly. British insurers take a long-term view of the market in India and look forward to being able to play a fuller role".
