Revised IPO guidelines will be issued soon for insurers as some of them are keep to tap this route, regulator IRDAI Chairman TS Vijayan said on Wednesday while pegging the total foreign investment in sector at Rs15,000 crore in the last one year due to increase in FDI limit.
Vijayan said the total investment of of more than Rs15,000 crore has come to India in various forms mostly equiy since the passage of the Insurance laws (Amendment) Bill last year. The bill, passed in March 2015, raised the foreign investment cap in the sector from 26 per cent to 49 per cent. Addressing a press conference here, Vijayan said there may be some more investments in the pipeline. On the insurance sector business last fiscal, Vijayan said there was 12 per cent growth in life insurance and 14 per cent growth innon-life insurance, while the health insurance sector grew by 40 per cent.
“Business has been good for all insurance companies in April. If this trend continues, we can expect higher growth in financial year 2016-17 also in life, non-life and health,” he added.