New India Assurance Faces Rs. 2,298 Crore GST Demand
New India Assurance Company Ltd has received a Goods and Services Tax (GST) show cause notice from tax authorities demanding Rs. 2,298 crore for five financial years from April 2018 to March 2023. The notice, dated June 26, 2025, was issued by the office of the Additional Commissioner, Mumbai-South and Maharashtra State.
In a regulatory filing, the state-owned insurer stated that it has a strong case on merit and is currently preparing a detailed response. The company is taking advice from its tax consultants and intends to submit its reply to the Adjudicating Authority within the stipulated timeline.
This development marks a significant compliance challenge for the insurance major, though it maintains confidence in its legal and financial position. The outcome of this case could have wider implications for the insurance sector’s GST compliance framework, especially regarding interpretation and application of indirect tax rules in financial services.
Centre Caps Vehicle Age for Aggregators at 8 Years, Tightens EV Norms
The Ministry of Road Transport and Highways has revised guidelines for cab aggregators like Uber, Ola, and Rapido, setting an eight-year age limit for vehicles—cars, buses, three-wheelers, and motorcycles—operating on their platforms. The guidelines also mandate adherence to state-set targets for incorporating electric and zero-emission vehicles in fleets.
Drivers’ licences and vehicle permits must now be prominently displayed on the back of the front passenger seat, ensuring visibility for passengers. Additionally, the updated rules formally recognize three-wheelers and private motorcycles as valid aggregator vehicles, offering clarity where state-level regulations previously differed.
Aggregators must also conduct psychological assessments of drivers to determine their suitability. Importantly, drivers cannot be restricted from working with multiple aggregators simultaneously.
These guidelines aim to enhance commuter safety, environmental sustainability, and regulatory transparency while formalizing operations for a broader range of vehicle types on aggregator platforms across the country.
TTD Considers Insurance Cover for Tirumala Pilgrims
Pilgrims to Tirumala may soon receive comprehensive insurance coverage under a new initiative by the Tirumala Tirupati Devasthanams (TTD). The feasibility of offering such a scheme is currently being assessed, with the board expected to take a final decision after discussions with insurers.
The proposed policy may include coverage for life and medical emergencies and would likely be integrated with the darshan ticket, with TTD bearing the premium cost. The initiative is part of a broader safety reform following incidents earlier this year, including a stampede that claimed six lives and injured several others.
The insurance would cover pilgrims from entry points such as Alipiri and Srivari Mettu up to their safe return. With daily footfall ranging from 70,000 to one lakh, and peaking during festivals, this step aligns with the Chief Minister’s directive to enhance pilgrim welfare and ensure safe, dignified spiritual experiences at one of India’s holiest sites.
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Chola MS Expands North India Presence with Rs. 65 Cr Delhi Zonal Office
Cholamandalam MS General Insurance, a joint venture between Murugappa Group and Mitsui Sumitomo, has inaugurated a Rs. 65 crore zonal office at World Trade Centre, New Delhi, marking a major expansion in North India. With the region currently contributing 21.6% of its total business, Chola MS aims to scale it up to 30% through products in motor, health, and property insurance. The zone now serves over two lakh customers via agents, brokers, bancassurance, digital platforms, and microinsurance. This is Chola MS’s 17th company-owned office in India and is aligned with its strategy of long-term investments in key Indian cities. The company is also investing in Tier-2 and Tier-3 markets to support the national ‘Insurance for All by 2047’ vision, while leveraging AI, analytics, and digital tools to enhance engagement, risk analysis, and operational excellence in emerging markets.
Non-Life Insurers’ Q1 Premiums Rise 9% Amid Steady Sector Growth
Non-life insurers posted an 8.85% year-on-year rise in premiums for Q1 FY26, collecting Rs. 79,306 crore, according to data from the General Insurance Council. Multi-line general insurers grew 8.9% to Rs. 69,756.8 crore, while standalone health insurers rose 10% to Rs. 9,151 crore. In June alone, industry premiums increased 5.16% Y-o-Y to Rs. 23,422.45 crore, with general insurers contributing Rs. 19,916.08 crore (up 5%) and standalone health insurers Rs. 3,340.9 crore (up 10.4%). Analysts at Nuvama noted that growth appeared subdued due to monthly premium adjustments (1/N) and changes in reporting formats. Effective October 2024, IRDAI revised accounting norms for long-term premiums, leading to non-comparability with last year’s figures. The overall trend indicates steady, if moderated, expansion in the non-life insurance sector amid evolving regulatory reporting structures and a base-effect impact from prior years.
DFS Urges Insurance Brokers to Help Deepen Coverage Across India
The Department of Financial Services (DFS) wants insurance brokers to take a front-line role in widening India’s protection net. Addressing the Insurance Brokers Association of India’s 25th Foundation Day, DFS Secretary M. Nagaraju called for brokers to engage actively in state- and district-level programmes to lift insurance awareness and penetration, especially in tier-2/3 cities, rural zones and unorganised sectors. Nagaraju noted that brokers can bridge trust gaps by acting as transparent advisers, simplifying products and supporting government schemes in agriculture, health and credit.
He highlighted the brokerage industry’s employment impact—spanning underwriters, claims handlers, IT professionals and legal advisers—and urged continued upskilling, certification and digital inclusion. Looking ahead, DFS wants brokers to focus on emerging risks such as cyber-security, ESG compliance and disaster resilience, helping businesses adopt pre-loss strategies that bolster national resilience. The appeal underscores brokers’ pivotal place in meeting India’s “Insurance for All by 2047” goal.
India’s Insurance Market Poised to Hit US $300 Billion by 2030, Says McKinsey–ASSOCHAM Study
India’s insurance industry is on track to double in size—from about US $150 billion today to US $300 billion by 2030, according to a new study released jointly by McKinsey & Company and the Associated Chambers of Commerce and Industry of India (ASSOCHAM). The report attributes the brisk expansion to rising household incomes, rapid digitisation, and regulator-led reforms aimed at lowering distribution costs and widening product access.
Key growth drivers include:
- Life-insurance premium CAGR of 13 % as younger demographics buy protection and savings plans;
- Health-insurance surge powered by post-pandemic awareness and government schemes;
- Micro-insurance and embedded cover reaching first-time buyers in rural and gig-economy segments;
- A maturing insurtech ecosystem that slashes acquisition expenses by 30–50 %.
The study urges insurers to invest in data analytics, ESG-linked products, and cyber-risk covers, while regulators continue simplifying norms to achieve the national goal of “Insurance for All by 2047.
Future Generali India Targets Rs. 10,000-Crore GWP by 2030
Future Generali India Insurance Company (FGII) plans to double its gross written premium (GWP) to over Rs. 10,000 crore by 2030, after closing FY 2024-25 at Rs. 5,547.5 crore. Managing Director & CEO Anup Rau said the company will pursue a 13-15 % annual growth rate, outpacing the industry as it climbs the league table of India’s top 10 general insurers.
Growth levers include the recent acquisition of Future Group’s stake by Central Bank of India, giving FGII access to nearly 4,500 branches and deeper reach in Tier II and Tier III markets—areas where distribution costs have traditionally been high and insurance penetration low. Bancassurance, now 6-7 % of total business, is expected to reach 10-12 % within five years.
While health and motor lines remain anchors, FGII will push newer segments such as pet, liability, professional-indemnity and home insurance. Rau believes these underpenetrated verticals, combined with digital distribution and SME focus, will propel the insurer toward its Rs. 10,000-crore ambition.
FAIR 2025 Conference to Bring 600+ Global Re/Insurers to Mumbai
General Insurance Corporation of India (GIC Re) has opened registration for the 29th FAIR Conference, the biennial flagship event of the Federation of Afro-Asian Insurers and Reinsurers, taking place in Mumbai from 5-8 October 2025. Coinciding with FAIR’s 60-year anniversary, the 2025 edition—held under the theme “Emerging Markets – Towards Resilient Growth”—will convene more than 600 delegates from 52 countries, including CEOs, regulators, brokers and risk specialists across Asia, Africa and other regions.
The agenda features policy keynotes, reinsurance-strategy panels, bilateral meeting slots and discussions on expanding insurance access via reinsurance, aligning with India’s “Insurance for All 2047” vision. Organisers say the conference will explore systemic volatility, climate risk, digital disruption and geopolitical shifts, urging attendees to craft collaborative, sustainable solutions for emerging markets.
Prospective delegates and sponsors can access full programme details and signup links at fairconference2025.com; early-bird rates apply. The Mumbai gathering is expected to deepen regional cooperation and reinforce the city’s status as a global reinsurance hub.
Shriram General Insurance Delivers Robust Q1 FY26 Results
Shriram General Insurance Company (SGI) opened FY26 on a strong note, posting net profit of Rs. 125 crore, up 9 % from Rs. 114 crore a year earlier. Driven chiefly by its motor portfolio and new health products, gross written premium (GWP) jumped 31 % year-on-year to Rs. 960 crore, far outpacing the general-insurance industry’s 9 % growth
The insurer issued 15.41 lakh policies, a 20 % rise, lifting its active base to 68 lakh policies. Investment income grew 7 %, while the solvency ratio remained a robust 3.35, more than double the regulatory minimum. SGI also accelerated distribution, recruiting 4,777 new financial advisers in the quarter and taking its advisor force to 93,769, with plans to scale to 2 lakh by FY30.
Managing Director & CEO Anil Aggarwal said the performance underscores “growing customer trust” and positions the company to “deliver standout results” in upcoming quarters.
