British insurer Llyod's chairman Lord Levene considers India a "very difficult market" for foreign insurance companies.
"It's one of the few places in the world where I blame regulation (for keeping foreign insurance companies out)," the Chairman added.
In India, which imposes a 26 per cent ownership cap on foreign investors in insurance companies, is reviewing raising it to 49 per cent but "legislation has become bogged down in Parliament".
Levene hopes to expand its business in Asia to about 15 per cent of total income from eight per cent over the next decade, the report noted.
"It would be nice, in 10 years' time if we had 15 per cent in Asia," Levene said. Lloyd's expects moderate growth in Japan, one of its top 10 markets, and China, where it opened an office two years ago. The company has failed even to obtain a licence in India.
"There is a lot of protectionism (in India)," the daily said attributing to Levene. It added that like many other industries, India's insurance sector is mired in red tape relating to foreign- ownership restrictions.
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