Mumbai: The increase in FDI limit in the insurance sector is expected to provide employment opportunities to additional six lakh individuals in next few years. While Life insurance firms currently provides direct employment to close to 2.5 lakh individuals, the general insurance firms employs around 1.10 lakh individuals.
Besides this, industry experts added that the domestic insurance sector provides indirect employment to close to 20 lakh individuals. The industry is expecting about $8 to $10 billion investments from foreign insurance giants during the next five years.
Last week, the Centre passed the insurance amendment bill in Rajya Sabha, which increased the FDI cap from 26 per cent to 49 per cent. OpenWorld Money Financial Services Marketplace promoter P. Nandagopal says, “We can expect a 25 per cent increase in both direct and indirect employment.”
