Investment guru Warren Buffett just entered the Indian insurance sector through Berkshire India, a majority-owned holding of Berkshire Hathaway.
The new venture will start by selling auto-insurance in the country, according to The Financial Express. A company statement said that it eventually plans to branch out into other non-life insurance products as well as life-insurance.
This isn’t exactly an easy deal for Buffett. New York Life has been fighting for rule changes to help its insurance business for 7 years. So there are a lot of government risks in the country.
Buffet’s work with India is no where near done. He will accompany Bill Gates to India later this month to discuss philanthropy with Indian billionaires, but is also expected to explore business opportunities during his visit.