Insurance sector losing sheen; Operational challenges, delay in FDI forcing some players to exit

[IndiaInsurance]

All's not well with the insurance sector. Slowing growth, delay in FDI decision and lower profitability have dimmed the lustre of the insurance sector, which was once seen as a panacea for the financial ills of the nation. Promoters, who looked to flip their holdings when FDI norms eased, are losing patience. In 2000, the first set of Indian promoters - banks, automakers, healthcare providers and consumer goods makers - flew into this sunrise sector expecting huge returns. Global insurance giants such as Prudential, Allianz, Standard Life and New York Life were drawn by the huge and growing market.

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