Page 8 - The Insurance Times October 2025

reflected. Group and corporate cus- on trusted AI: explainability, model-risk paragliding crash earlier this year. The
tomers will see adjustments at re- governance, privacy-by-design, and insurance must cover accidental death,
newal, consistent with contractual audit trails that regulators can test. It disability, medical treatment, and Rs. 5
terms. Industry observers said the de- urges common data standards across lakh for damaged equipment.
cision could prompt broader market health, mobility and commerce rails, Operators must also register with the
alignment as insurers recalibrate pric- plus transparent metrics on claim turn- tourism department, ensure
ing and distributor payouts to deliver around, grievance outcomes and medi- paramotor engines are DGCA-ap-
the tax relief. cal loss ratios. proved, and obtain annual safety cer-
Insurers, platforms and banks are ad- tificates. Flights will be allowed only
Insurance + AI + trust: vised to co-build products and publish during daylight, and a technical panel
India's next fintech leap outcome dashboards. With the right will regulate pilots and flying zones.
guardrails, the convergence of insur-
A new analysis argues that India's Violations could result in penalties of up
fintech growth is shifting from pay- ance, AI and trust tech could deepen to Rs. 2 lakh and arrest. The govern-
ments to risk and protection, with in- penetration and strengthen household ment aims to increase safety standards
surance + AI + trust infrastructure set resilience. in adventure sports while ensuring ac-
to drive the next wave. The piece says countability from service providers.
consent-based data sharing and digital Goa mandates Rs. 25 lakh
public rails can unlock precision under- insurance for aero sports SBI General rolls out
writing and real-time claims for 'Timeless Tale of Shakti'
underserved segments-gig workers, operators
MSMEs and first-time buyers-via em- The Goa government has introduced festive campaign
bedded cover at checkout and "use- the draft Goa Aero Sports Rules, 2025, SBI General Insurance has launched
based" products. requiring operators of paragliding, 'Timeless Tale of Shakti', a festive-sea-
paramotoring, hot air balloon rides, son brand campaign celebrating
AI is expected to streamline
onboarding, fraud detection and adju- and drone flights to provide Rs. 25 lakh women's resilience and everyday cour-
dication, while parametric and event- accident insurance coverage for every age. The initiative centres on a short
triggered policies could shorten pilot and passenger. brand film that contrasts mythological
payouts from weeks to minutes. But This move follows the tragic death of a symbols of Shakti with real-life mo-
the note stresses that scale depends tourist and her instructor during a ments of determination-at home,
work, and on the road-linking the
theme of inner strength to the role of
Govt doubles registration renewal fee for vehicles insurance in safeguarding aspirations.
over 20 years The campaign will run through the fes-
tive period across digital platforms and
To discourage prolonged use of ageing vehicles, the Ministry of Road Trans-
port & Highways has doubled the registration renewal fees for vehicles older select media placements, supported by
regional adaptations and bite-size ed-
than 20 years.
its for social. Engagement elements
For light motor vehicles, the fee has been raised from Rs. 5,000 to Rs. include collaborations with creators
10,000. Motorcycles will now pay Rs. 2,000 instead of Rs. 1,000. Three- and community stories that spotlight
wheelers and quadricycles face a hike from Rs. 3,500 to Rs. 5,000. unsung "Shakti" figures.
Imported vehicles face even steeper costs: Rs. 20,000 for two- or three- According to the company, the objec-
wheelers and Rs. 80,000 for those with four or more wheels. The rule was tive is to build salience for protection
finalised on August 21. during high-spend months, nudge fami-

The move supports the government's end-of-life vehicle policy, though the lies toward timely cover, and reinforce
Supreme Court recently directed authorities not to take coercive action SBI General's positioning as a depend-
against owners of old vehicles in Delhi-NCR. The court emphasised assess- able partner in life's turning points. The
ing usage, not just age. insurer said the film is part of an ongo-
ing effort to make insurance more re-
This policy aims to reduce environmental impact while encouraging scrap-
latable by anchoring it in everyday ex-
ping of older, more polluting vehicles and promoting new registrations.
periences and values.
8 October 2025 The Insurance Times