Warren Buffett-led Berkshire Hathaway is looking at direct entry into the growing insurance sector and is keenly watching the developments regarding further opening of the sector to foreign investment.

The US conglomerate Berkshire Hathaway had recently forayed into the Indian non-life insurance sector as a corporate agent of Bajaj Allianz General.

When asked about the company’s plan to directly enter the Indian insurance market, the Berkshire Hathaway Head Re-insurance, Mr Ajit Jain, told PTI, “(everything) depends on regulation’’.

India-origin Mr Jain, long rumoured to succeed Mr Buffet, looks after the conglomerate’s multi-billion dollar re-insurance business.

Billionaire investor Mr Buffett, Chairman and CEO of Berkshire Hathaway, earlier this week said he was looking at investments in large economies like India.

On his maiden visit to India, Mr Buffett had said that a foreign investment cap of 26 per cent in insurance sector here was a deterrent.

India currently allows only 26 per cent foreign investment in insurance business, but a proposal is underway to hike it to 49 per cent.

A bill pertaining to raising FDI ceiling in the sector is pending before Parliament. India allowed foreign players to have insurance joint venture in both life and non-life segments with a maximum stake of up to 26 per cent in 2000.

As part of its India entry, the American conglomerate has incorporated a company ‘Berkshire India’ to sell and distribute general insurance products in India.

Berkshire Hathaway is a sprawling conglomerate that has interests in various businesses, including property, casualty insurance and reinsurance, finance, manufacturing, and retailing.

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