General Insurance Council Newsletter

Chairman's message Editor's connect Insurance in news Insurance Laws & policy Consumer Awareness Global Highlights Contact Us

Chairman's Message

Mr Tapan Singhel

Welcome to the latest edition of our newsletter! In this issue, we bring you the most recent updates and insightful articles from the world of insurance. The edition covers India's expansion of mental health insurance coverage, an article on the evolution from AI to Gen AI, how cyber threats are evolving, and NHA's enhancement of health benefits package rate, to name a few. Global developments include the growth story of Singapore's general insurance sector and surging health insurance premiums in New Zealand.

Hope you enjoy reading the newsletter and wishing you a very prosperous Financial Year 2026

Tapan Singhel MD & CEO
Bajaj Allianz General Insurance Company Ltd.
Chairman, GI Council

Editor's Connect Mr. Inderjeet Singh

Welcome to the 17th edition of the GI Council newsletter which covers legal interpretation in a case of motor insurance & a case of medical insurance amongst the various topics.

”Festive wishes for the upcoming festivals of Budha Poornima & Bakri Id"

Inderjeet Singh
Secretary General
General Insurance Council

Editorial Team

Ms. Vasudha Rao
Ms. Pratibha Arvind Sarathy
Mr. Sharad V Taware

Insurance in news

India Expands Mental Health Insurance Coverage

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.

The Great AI Evolution: From AI to Gen AI

Imagine planning a road trip. Initially, you’re the driver, using a paper map (traditional insurance operations). Then, GPS enters the scene, giving you directions (AI-Gen – automation and AI-generated insights). But soon, self-driving cars take over, not just guiding you but making real-time decisions based on traffic, weather, and even your favorite coffee stops (Agentic AI – autonomous decision-making). That’s the journey AI is taking in the insurance world.

Insurance Laws & policies

Mediclaim policy amount can't be deducted from medical compensation HC A sum received by a person under a mediclaim policy cannot be deducted from the compensation amount payable to the claimant for medical expenses under provisions of the Motor Vehicles Act, the Bombay High Court has said. The amount under a mediclaim policy is received in view of a contract entered into by the claimant with the insurance company, a full bench of Justices A. S Chandurkar, Milind Jadhav and Gauri Godse said in its judgement on March 28.

Car owner liable to pay crash damages if hired driver has no licence: HCThe 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.

Consumer Awareness

NHA enhances health benefits package rate to rope in more hospitalsIn a bid to encourage more corporate hospitals to join the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY), the National Health Authority (NHA) has revised the Health Benefits Package (HBP) by introducing a tiered incentive system to make package rates more attractive and viable for private sector healthcare providers. Under the new plan, corporate hospitals in tier-I cities will receive a 10% incentive over and above the reimbursement of the cost of treatment.

As cyber threats evolveRs 20,000 crore, a staggering figure! According to a CloudSek report, India (check if it is corporate losses or personal or both put together) could face this much of loss current year because of cybercrime. That cybercrime has reached another level as these days cybercriminals have started using sophisticated AI tools, which gives them power to multiply. India could face a whopping 1 trillion cyberattacks by 2033 unless businesses do more manage risk.

Global Highlights

Singapore's general insurance sector grows 6.3% to $8.08bn in 2024Singapore'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.

New Zealand: Health insurance premiums are surgingMedical 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.

General Insurance Council, Ground Floor, National Insurance Building, 12, Jamshedji Tata Road, Churchgate, Mumbai-400020, Maharashtra, India, sg@gicouncil.in
https://www.gicouncil.in/
Disclaimer : Our newsletter endeavors to compile insurance information from various sources in the public domain. In respect of 3rd party articles/news items etc. reproduced, the GI Council accepts no responsibility for the accuracy/authenticity and completeness nor can be seen as endorsing the views/opinions expressed therein.