HDFC is negotiating with three overseas insurance companies to launch its joint venture in the non-life insurance segment.
The entry is planned for December. Negotiations are at an advanced stage and HDFC expects to finalise a deal within a couple of month, said the managing director, HDFC Standard Life, Deepak M Satwalekar.
HDFC's non-life venture will be a separate company where the foreign partner is expected to take 26 per cent of the equity unlike HDFC Standard Life where, Standard Life was allowed take a 18 per cent stake in the life insurance company by IRDA, since it already had a 10 per cent stake in HDFC.
Sources from HDFC said the new venture will primarily focus on personal lines of non-life products where the potential lies.
Most non-life insurance companies primarily focus on large corporate insurance where, they cover mainly manufacturing facilities and offices. The void lies in the consumer durable insurance, household fire and natural calamities insurance sector.
The new company will utilise HDFC
