The insurance sector did not witness unprecedented growth or high sales volume during 2015. However, thanks to a few crucial factors that steadied the sector, insurance firms were able to ride out their cash crunch and brace themselves to offer new products in 2016. Here are some of the major reforms that the sluggish sector witnessed in 2015.
Insurance Laws (Amendment) Bill, 2015
With the passing of the Insurance Laws (Amendment) Bill 2015, the sector witnessed a fresh inflow of capital, eliminating the cash crunch that most insurance companies were facing. With an approval of 49 per cent direct foreign investment in the sector, new players are likely to enter the market in the near future. The consolidation of the insurance market means more products and offers for consumers to choose from.
