In 2001, when the insurance business was opened up to private sector players there was a rush of foreign players into the country who wanted to taste an unexplored market with the advantage of a rising population. Indian entities were also clueless about this segment. Cut to 2017, the industry players are of the view that having a foreign partner is no longer a must.
While the causes for this big change in strategy are partly due to the changes in the insurance laws and inclusion of Indian management and control clause that has acted as a dampener for new entities entering this space, several global companies have had constraints in their domestic markets leading to exits from the Indian market.
