Foreign direct investment (FDI) in the general insurance sector slipped marginally to Rs 509.07 crore in FY 2019-20 from the previous year, latest data by the General Insurance Council (GIC) showed. In FY2018-19, FDI in the non-life insurance space was recorded at Rs 516.61 crore.
Since the opening up of the insurance market in 2000, the non-life sector attracted a total FDI of Rs 4,721.68 crore as on March 2020. It was Rs 4,212.61 crore at the end of March 2019. There are 33 general insurance players, including four public sector insurers, six standalone health insurers and two state-owned specialised companies—Export Credit Guarantee Corporation of India and Agriculture Insurance Company of India Limited (AIC).
