RIL, ICICI, HDFC frontrunners to get first insurance licences
Mumbai: The long period of waiting by prospective private insurers to get a foothold in the Indian insurance industry will soon come to and end when the insurance regulator announces the first few licenses for the insurance privatisation the third week of this month.

It is understood that Reliance Industries, Prudential-ICICI and HDFC-Standard Life are tipped to be receiving the first set of insurance licences, when they are announced on October 23. These will be the first tranche of licenses that the IRDA will be giving out, as part of its phased issuance of licenses.

Despite having applied for a license in both, life and non-life categories, it is understood that Reliance will be awarded the license for the non-life category. Prudential-ICICI and HDFC Standard Life have only applied for life insurance licences. Further, while Reliance plans to go it alone in the insurance sector, all other participants have joint ventures with foreign insurance companies.

The companies which have applied to IRDA for insurance licences include Prudential-ICICI, Dabur-Allstate, Reliance, HDFC-Standard Life, Max-New York Life, Kotak-Old Mutual, Iffco-Tokio Marine, Tata-AIG, Bajaj Auto and Sundaram-Royal Sun Alliance.

Reliance expects its general insurance venture to break even in the very second year of operations. To begin with, it plans to set up offices in 11 cities, including Delhi and Mumbai, for the general insurance business.
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