The election of Prime Minister Manmohan Singh is seen as positive for Insurance Australia Group’s (IAG) plans for expansion into the Indian insurance market.
The Australian insurer that managers brands like NRMA, SGIC, SGIO, Swann Insurance, and Business Insurer CGU, enter a general insurance joint venture last year with the State Bank of India, Mr Singh’s first term backers blocked the economic reforms required for IAG to increase their share, Mr Singhs victory this time no longer requires the support from these backers.
The General Insurance Company that wrote its first policies last year are expected to become one of the countries largest insurer
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