The government plans to amend insurance laws in the ongoing session of Parliament to facilitate a unified licence for insurers and raise the foreign direct investment (FDI) limit to 100% from 74%, two government sources said on Tuesday, Reuters reported.
A single licence for insurers and higher FDI limit could boost investments and improve insurance penetration in the country, which stood at 3.8% of GDP in 2023, according to research firm Swiss Re Institute.
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