Go Digit to contest ₹15 crore GST demand notice
Go Digit General Insurance has received a demand-cum-show-cause notice from the Office of the Commissioner, CGST Audit-I, New Delhi, seeking ₹15 crore in Goods and Services Tax (GST) along with interest and applicable penalties. The Bengaluru-headquartered insurer disclosed the development to the stock exchanges, stating that the notice, dated September 22, was received via email.
The company said it would file a detailed reply within the prescribed timelines, providing facts, figures, and evidence to justify its tax position. It maintained that the claim is under contention and there will be no immediate impact on its financials or operations.
Go Digit, which went public last year, clarified that it will continue to engage with the authorities to resolve the matter as per law. The case highlights the growing scrutiny of tax compliance across the insurance sector.
SBI General Insurance posts 10.7% growth in H1 FY26, ahead of industry pace
SBI General Insurance has reported a robust 10.7% growth in Gross Written Premium (GWP) for the first half of FY26, significantly outpacing the industry’s overall growth of 8.1%. This performance reflects the company’s strong distribution network, expanding digital presence, and growing customer trust across retail and corporate segments.
The insurer recorded a GWP of ₹6,897 crore during the April–September 2025 period, up from ₹6,230 crore in the corresponding period last year. Notably, the company’s health and motor insurance portfolios have seen increased traction due to rising consumer awareness and improved servicing capabilities. The company’s proactive use of digital tools and data analytics has also enhanced customer acquisition and claim processing.
According to the release, SBI General continues to focus on balanced growth across metro and non-metro markets, strengthening its partnerships with over 22,000 intermediaries and leveraging SBI’s vast branch network. The company aims to further deepen penetration, especially in underinsured segments, and enhance its claim settlement efficiency.
The insurer remains optimistic about sustaining momentum in H2FY26 by offering innovative products and expanding its digital ecosystem. With a clear customer-centric approach and investment in technology, SBI General is reinforcing its position as a leading private general insurer in India.
Cholamandalam MS General Insurance sees marginal GWP growth in H1 FY26
Cholamandalam MS General Insurance reported a marginal 2.2% increase in its Gross Written Premium (GWP) for the first half of FY26, recording ₹2,623 crore compared to ₹2,567 crore in the same period last year. The subdued growth comes amid an industry environment where premium growth has been variable across segments, with certain product lines witnessing pricing pressures and regulatory changes affecting commission structures.
Despite the modest topline growth, the company highlighted its continued focus on profitability, customer satisfaction, and operational efficiency. Chola MS, a joint venture between Murugappa Group and Japan’s Mitsui Sumitomo Insurance, remains focused on strengthening its portfolio quality through disciplined underwriting and risk-based pricing, especially in health and motor insurance categories.
The company also stated that it is investing in technology to enhance digital servicing, streamline claim processing, and improve policyholder engagement. Management expressed optimism about stronger performance in the second half of the fiscal, driven by higher festive demand, expansion in Tier 2 and Tier 3 cities, and improved distribution tie-ups.
Chola MS is also exploring product innovation in niche insurance segments and expanding its bancassurance network. With evolving customer preferences, the company aims to build on its legacy of trust while adapting to a fast-changing insurance landscape.
ICICI Lombard clarifies ‘material change’ clause won’t impact health policy premiums
ICICI Lombard has clarified that the recently introduced “material change” clause in its health insurance policies will not result in premium hikes or changes to existing coverage. The insurer assured policyholders that the clause is primarily a disclosure requirement, meant to ensure that customers inform the company about significant changes in health or lifestyle that could affect risk assessment.
The clarification comes after concerns were raised that the new clause might allow insurers to arbitrarily revise premiums or deny claims. ICICI Lombard emphasised that the clause will not be applied retrospectively and will not affect renewals or existing policy terms for genuine customers who continue to pay premiums regularly.
Officials from the company explained that the clause is in line with evolving regulatory guidance and global best practices. It is intended to promote transparency and proper risk evaluation rather than to penalise customers. The insurer has also launched awareness initiatives to educate customers about the nature and implications of such clauses.
With this clarification, ICICI Lombard aims to reinforce trust among policyholders and ensure continuity of care without disruptions. The company reiterated its commitment to customer-centricity and maintaining transparency in policy communication.
Insurance employees oppose private sector entry in PSU leadership roles
The All India Insurance Employees’ Association (AIIEA) has strongly opposed the government’s decision to open top management positions in public sector insurance companies to private sector professionals, calling it a move toward “eventual privatisation.”
In a statement, the AIIEA said, “Opening the top-most positions to outsiders from the private sector will demoralise officers and strikes at the ethos of nationalisation, which ensures that banking and insurance serve public interest rather than private profit.” The government recently allowed one of the four Managing Director (MD) positions at LIC to be open to candidates from both public and private sectors and extended similar eligibility for CMD roles in state-owned non-life insurers.
The association warned that lateral entry could disrupt internal career progression and erode institutional stability. It urged the government to reconsider the decision, saying it could weaken public faith in nationalised financial institutions.
Peerless to exit insurance distribution, focus on core businesses
Peerless General Finance and Investment Company Ltd (PGFI) plans to exit its insurance distribution business within a year, Managing Director Jayanta Roy said. The company will seek regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI) by December 2025.
PGFI will sell its insurance distribution arm, Peerless Financial Products Distribution Ltd, as part of a broader strategy to focus on core sectors such as treasury, healthcare, hospitality, and real estate. “We found that insurance distribution is not linked to our core operations,” Roy said. The company aims to achieve ₹1,000 crore in annual revenue, up from ₹812 crore in FY25.
Chairman Partha Sarathi Bhattacharyya said the group is investing ₹1,100 crore in healthcare and real estate, including ₹500 crore for the SK Roy Institute of Oncology Services near Peerless Hospital in Kolkata. A new 250-bed hospital in Guwahati began operations this year following a ₹150 crore acquisition.
India calls early warning systems a global public good at G20 meet
India has reaffirmed its commitment to making early warning systems a global public good during the G20 Ministerial Meeting on Disaster Risk Reduction (DRR). Principal Secretary to the Prime Minister, P.K. Mishra, emphasised that early warnings are “strategic investments in resilience, not technological luxuries.”
He outlined India’s integrated multi-agency architecture that connects meteorological, hydrological, seismic, and oceanographic institutions through a Common Alert Protocol–compliant system, which has already issued over 109 billion alerts. Mishra urged G20 members to build interoperable regional platforms, shared data protocols, and joint capacity-building under the Early Warnings for All framework.
Highlighting India’s finance model for DRR, he said the Finance Commission ensures multi-year, rules-based allocations and decentralised funding guided by a national Disaster Risk Index. He showcased initiatives like Aapda Mitra volunteers and hazard-specific programmes that embed resilience in governance and local development.
Over 500 cars worth ₹50 crore destroyed in Kolkata deluge
More than 500 cars, valued at over ₹50 crore, were rendered irreparable following the torrential rains that flooded large parts of south Kolkata on the night of September 22–23. The deluge submerged thousands of vehicles parked in ground-level and basement garages, leaving car owners counting heavy losses.
Insurance surveyors and workshop managers estimate that nearly one-fourth of the 2,000 affected cars were declared total losses, with many submerged for up to 48 hours. The damage extended across models — from luxury cars like Mercedes-Benz, BMW, and Audi to mid-range brands such as Maruti Suzuki and Hyundai.
Businessman Kalyan Shome from Jodhpur Park said his fleet of four vehicles, including a BMW SUV and a BYD electric car, was completely submerged. “There is no clear communication about whether they can be repaired or have to be scrapped,” he said. Experts noted that advanced vehicles suffered the most damage due to sensitive electronic systems.
Non-life insurers’ gross direct premium grows 7.26% in H1 FY25
India’s non-life insurance industry reported a 7.26% growth in gross direct premium (GDP) underwritten during the first half of FY25, reaching ₹1.65 lakh crore compared with ₹1.53 lakh crore in the same period last year, according to data released by the Insurance Regulatory and Development Authority of India (IRDAI).
Standalone private health insurers posted a 7.72% rise in GDP to ₹19,623 crore from ₹18,217 crore a year earlier, while specialised public sector insurers saw a sharp 66% increase to ₹7,377 crore from ₹4,433 crore.
In September 2025 alone, non-life insurers underwrote premiums worth ₹31,119 crore, up from ₹27,550 crore in the corresponding month of 2024. The growth reflects continued momentum across segments such as health, motor, and specialised lines, driven by rising awareness and increased retail penetration.
Government explores climate-linked insurance for extreme weather losses
The Central government has initiated preliminary discussions with local insurers to develop a nationwide climate-linked insurance programme aimed at protecting citizens against losses from floods, heatwaves, and other extreme weather events.
The proposed scheme will adopt a parametric insurance model, under which payouts are triggered automatically when weather parameters — such as rainfall, temperature, or wind speed — cross defined thresholds. Unlike traditional insurance, which requires detailed loss assessment, parametric models enable faster claim settlements.
GIC Re Chairperson Ramaswamy Narayanan said the talks began in response to the increasing frequency of extreme events. The National Disaster Management Authority, Finance Ministry, IRDAI, and top insurers are exploring the framework and funding model. If implemented, India could become one of the first major economies to launch a nationwide climate insurance scheme, aligning disaster financing with resilience goals.
Insurance brokers seek unified digital platform for claims and grievances
The Insurance Brokers Association of India (IBAI) has urged the government to create a single, technology-driven platform to streamline claim settlements and grievance redressal across insurers. The proposal was presented during a meeting with Finance Minister Nirmala Sitharaman in New Delhi.
Led by IBAI President Narendra Bharindwal, the delegation — representing over 750 licensed brokers — also recommended embedding insurance coverage with Mudra Loans, declaring April 19 as National Insurance Awareness & Policyholder Day, and using CSR funds to provide insurance for vulnerable groups.
IBAI welcomed the GST exemption on retail health and select life insurance products, terming it a progressive step toward the “Insurance for All by 2047” vision. The association also proposed a risk-based oversight framework, corporate governance strengthening, and adoption of global best practices to improve policyholder protection and industry transparency.
Travel bodies seek insurance cover for domestic trip cancellations
Indian travel associations are in talks with insurance firms to design policies covering domestic travel cancellations caused by natural disasters such as floods, cyclones, and earthquakes. The move follows major financial losses for travellers and tour operators during recent extreme weather events.
“Safety of travellers and insurance of domestic holidays are key agendas post-Diwali. We are speaking to insurance specialists to devise cost-effective products,” said Anil Punjabi of the Travel Agents Federation of India. Debjit Dutta, chairman of IATO’s Bengal chapter, is negotiating with Safe Tree Insurance for policies offering broader coverage beyond current plans, which cost ₹500–1,500 per person.
Currently, less than 0.1% of Indians insure domestic trips. Travel Agents’ Association of India (East) chairman Anjani Dhanuka said, “Even a family health emergency can lead to cancellations. An affordable policy can safeguard travellers.” The associations plan to promote insurance awareness among domestic tourists while advocating flexible payment terms to reduce financial risks.
NeSL in talks with insurers to digitise surety bond issuance
National e-Governance Services Ltd (NeSL) is holding discussions with insurance companies to issue surety bonds digitally, a move expected to streamline the process and reduce administrative burden.
Surety bonds are legally enforceable tripartite contracts that protect project owners from losses if contractors fail to meet obligations. Although the Insurance Regulatory and Development Authority of India (IRDAI) allowed general insurers to issue surety bonds in 2022, uptake has remained low.
NeSL Managing Director and CEO Debajyoti Ray Chaudhuri said, “Our e-BGs are used by banks and NHAI. A similar solution is being discussed with insurers. Surety bonds are easier to issue than bank guarantees and release working capital, but volumes are still small.” Currently, only a few insurers—such as New India Assurance, ICICI Lombard, SBI General, HDFC Ergo, and Bajaj Allianz—offer these products. Experts believe digitisation could boost adoption across infrastructure and construction projects.
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Record 765 extreme rainfall events hit Himalayan states in 2025
The Himalayan states of Himachal Pradesh, Uttarakhand, and Jammu & Kashmir have recorded 765 very heavy to extremely heavy rainfall events this monsoon — the highest in five years — according to India Meteorological Department (IMD) data.
The figure marks a sharp rise from 505 such incidents in 2024 and 703 in 2023, underscoring a growing climate risk in the fragile Himalayan belt. K.S. Hosalikar, former head of IMD’s climate research division, said the surge was linked to multiple low-pressure systems from the Bay of Bengal interacting with western disturbances. “These systems gave a lot of rainfall over the hilly terrain,” he said.
Experts noted that rapid urbanisation and unplanned infrastructure have intensified the damage from these deluges. G.P. Sharma of Skymet Weather Services said, “Development has disturbed slopes and altered floodplains, amplifying destruction.” IMD officials added that 17 western disturbances were recorded this season, above the normal 13–14.
