As the UK economy continues to struggle there are signs that some of the larger UK insurance companies are making a major play for a slice of the Indian insurance market. As the Indian economy continues to go from strength to strength, even as the worldwide economy struggles, it has become apparent to many that India offers great potential for the future. The likes of Standard Life and Aviva have been increasing their exposure to the country of late, although there are strict rules governing what they can and cannot do.
As you would expect from what will eventually become one of the worlds largest insurance markets the authorities are very keen to ensure that domestic companies are allowed to benefit from the initial burst of business in the sector. To this end the authorities have stipulated that no foreign company can control an insurance company in India, resulting in a number of joint ventures favouring Indian partners.
Using techniques and strategies which are now common place in the West, many Indian companies are poised to reap the rewards along with their UK partners. As the UK market comes under more pressure there is every chance that we will see countries such as India attracting more UK business partners.