India endowed with enough assets to become an insurance hub

According to T.S. Vijayan, president of the Insurance Regulatory and Development Authority of India, (IRDAI), India is now outfitted with all assets that enable it to become a regional insurance hub. The influx of foreign insurers, the improved socio-economic situation and technological breakthroughs are likely to expedite the development of insurance in the country.

The Indian government has proceeded in recent years to the opening of the market to foreign players, which is considered as an additional asset. Moreover, measures designed to ease the regulatory framework have been undertaken in terms of minimum capital.

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• The insurance industry in India