Mumbai: At least five entities are expected to enter the country’s non-life insurance segment soon.
People close to the development said many Indian banks which are already in the life insurance space are scouting for foreign partners to enter the non-life segment.
These include State Bank of India (SBI), which is partnering Insurance Australia Group Ltd for the non-life insurance business. SBI is awaiting regulatory approval.
Also waiting for approval is a joint venture between Bank of Baroda, Andhra Bank and the London-based Legal and General Group Plc.
Religare Enterprises Ltd and reinsurer Swiss Re recently announced a health insurance joint venture. It’s expected to begin operations in 2010.
Larsen and Toubro Ltd has tied up with the US-based commercial property underwriter The Travelers Companies Inc. for non-life insurance business. But the two are yet to sign a formal agreement.
Consumer goods firm Dabur India Ltd is partnering with US insurance firm Liberty Mutual Insurance Co. for its non-life insurance venture.