Budget reaction on insurance sector provision by Sumit Bajaj, Director, Choice Insurance Broking

2025-02-01 05:12:13 pm | Source: Choice Insurance Broking

Budget reaction on insurance sector provision by Sumit Bajaj, Director, Choice Insurance Broking

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Below the Budget reaction on insurance sector provision by Sumit Bajaj, Director, Choice Insurance Broking

This is a landmark shift that the government has taken recently by proposing the increase in the FDI limit of Indian insurance companies to 100% from 74% which will open up the capital inflow, bring in innovations, and grow healthy competition.

The increase in foreign participation will help fill the protection gap, ensuring that more citizens and insurable assets are covered, as IRDAI has envisioned "Insurance for All" by 2047. This will not only make the financial system more resilient but also fuel the growth of insurtech startups, making the insurance landscape more dynamic and consumer-centric.

More global players will translate into better choices for consumers, improved product offerings, and a more robust sector overall. The future of insurance in India is poised for unprecedented expansion—driven by capital, competition, and customer focus.

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Budget reaction on insurance sector provision by Sumit Bajaj, Director, Choice Insurance Broking

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