Insurance: Indian and Foreign Firms Test Positive for Growth Steroid

Driving through India's financial capital Mumbai, some of the brightest billboards that catch your eye promote insurance companies. Most of them represent big brands like New York Life, MetLife, Aviva and AIG. For the last five years, they have been working hard to make their presence felt in a under-insured market.

The insurance firms had little choice, considering that they had to grab consumers' attention for their brand and products. Moreover, they had to wean them away from the state-owned insurers, chiefly the Life Insurance Co. (LIC) for life and General Insurance Corporation (GIC) for non-life (or property and casualty) insurance.

The hard work is paying off.

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