Abstract
In the five years since the Malhotra report was submitted, nearly all the leading foreign insurance companies have shown interest in India. Most of the companies set up liaison offices in the country as they expected the opening up of the insurance sector to be only a matter of time. While the wait may have been longer than anticipated and the maximum foreign holding less than what was desired, not one of the prospective foreign entrants is turning away. In fact, several foreign insurers have utilised the waiting period to understand and study the Indian markets and have made investments in other financial businesses. This paper attempts to understand the current state of the Indian insurance industry and explores how insurance transnational corporations (TNCs) are working in the direction of taking the “first movers advantage” in the Indian market.
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