Team Blitz India
NEW DELHI: The insurance sector has received Rs 54,000 crore as foreign direct investment (FDI) in the last 9 years, Financial Services Secretary Vivek Joshi said. “The Government increased the permissible FDI limit from 26 per cent in 2014 to 49 per cent in 2015 and then to 74 per cent in 2021,” he told PTI.
However, he said, the permissible FDI limit for insurance intermediaries was increased to 100 per cent in 2019.
“As a result, Rs 53,900 crore of FDI was received in insurance companies between December 2014 and January 2024,” he said.
During the period, Joshi said, “the number of insurance players increased from 53 to 70 as of January 2024.
Insurance penetration increased from 3.9 per cent in 2013-14 to 4 per cent in 2022-23 while insurance density rose from $52 in 2013-14 to $92 in 2022-23,”
