GIC in the News for March, 2025

Car owner liable to pay crash damages if hired driver has no licence HC
Monday 24 March, 2025
The MP High Court has said that if a driver hired by a person doesn't have a valid driving licence and dies in an accident, the person hiring him would be liable to pay compensation to his kin rather than the insurance company with which the vehicle is insured. The court ordered the insurance company to pay the compensation awarded to the family of the deceased driver by the labour court for now and subsequently recover it from the owner of the vehicle.

India Expands Mental Health Insurance Coverage
Tuesday 25 March, 2025
The Insurance Regulatory and Development Authority of India (IRDAI) has introduced a new Master Circular aimed at enhancing health insurance options for policyholders. Effective from May 29, 2024, this directive mandates insurers to offer products that cover a wide range of medical conditions, including pre-existing and chronic diseases. Additionally, insurers must comply with the Mental Health Care Act of 2017, ensuring that mental health coverage is included in their offerings.

New Zealand Health insurance premiums are surging
Friday 21 March, 2025
Medical costs in New Zealand have surged significantly in recent times in the Asia-Pacific region and across the world too according to Aon's 2025 Global Medical Trend Rates report. According to the report, New Zealand’s medical trend rate surged from 7.4% in 2024 to 14.5% in 2025, marking one of the sharpest year-on-year increases.

Singapore s general insurance sector grows 6.3% to $8.08bn in 2024
Friday 28 March, 2025
Singapore's general insurance sector continued its upward trajectory in 2023, recording solid growth across both domestic and offshore segments, according to the General Insurance Association of Singapore (GIA). Total gross written premiums rose by 6.3% y-o-y to reach S$10.8bn ($8.08bn), while overall underwriting profit climbed 5.6% to S$642.31m. The domestic market saw gross written premiums grow by 8.3%, outpacing the previous year’s performance.

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