The Insurance Regulatory Development Authority (IRDA) is in favour of hiking the Foreign Direct Investment (FDI) ceiling in the insurance sector from the existing 26 to 49 per cent. Talking to reporters on the sidelines of a function in New Delhi, IRDA Chairman J Hari Narayan said that without the hike in the FDI limit, the insurance sector will not have the kind of capital required to underpin its growth. With the Government taking policy reform inititiatives last week, especially allowing FDI in multi-brand retail and aviation sectors, there is expectation that the limit for the insurance industry may be raised as well.