SB Mathur, former LIC Chairman does not see the passage of this bill as a threat to LIC's market share. The industry will see an inflow of new foreign money, he said.
Speaking about the passage of the Insurance Bill in the Rajya Sabha Ashvin Parekh, managing partner at Ashvin Parekh Advisory Services said it is landmark bill that would give the sector a big boost.
The sector will now see more foreign capital inflow which will help them grow faster. The bill has created huge opportunity for the sector in the long-term, he added.
Now, with the foreign ownership limit hiked to 49 percent from the current 26 percent, the sector would see inflow of around Rs 70,000-80,000 crore over the next three years. He also sees the networth of insurance companies now increasing by six-seven times.
SB Mathur, former LIC Chairman does not see the passage of this bill as a threat to LIC's market share. Although India's biggest insurance company is now likely to face more, he added.
According to him the capital problems faced by some in the insurance industry will now be solved and they could look at further expansion of their operations. The industry will now see better growth trajectory, he added.
The industry will see an inflow of new foreign money because many FIIs were keen on partnering in insurance businesses, he said.
A seven-year long wait came to an end when the Rajya Sabha on Thursday passed the Insurance Laws (Amendment) Bill, 2015.
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