Page 10 - The Insurance Times July 2025

workshop will focus on how these 3Ms PM Modi Warns of 10 Crore Cyber Attacks, Urges
can ensure "Resilient Recovery, Rapid
Response, and Risk Assessment"-the National Vigilance
"3Rs" of disaster preparedness. Prime Minister Narendra Modi has sounded a high-level alert after India
A report by IPE Global and Esri India reportedly faced over 10 crore cyber attacks following the recent terror
highlights that India may see a 43% incident in Pahalgam. During a meeting with ministers and top bureaucrats,
surge in extreme rainfall events by the Prime Minister emphasized the need for proactive and immediate cyber
2030, with major urban centers like risk mitigation across all government departments, not merely relying on
Mumbai, Delhi, and Chennai expected the National Informatics Centre (NIC).
to face a doubling in the number of Officials present noted the PM's emphasis on the evolving nature of cyber
heatwave days. NDMA stresses that warfare and the imperative for a whole-of-government response. Beyond
while mapping and monitoring are cru- cybersecurity, Modi called for intensified development efforts in aspirational
cial starting points, it is the implemen- districts and blocks, urging officers to spend at least 24 hours in such areas
tation of mitigation strategies that will to better understand local needs.
make a lasting impact.
He also proposed using MGNREGS funds for water conservation projects.
Stressing the importance of high-quality infrastructure in hospitals, schools,
Government Initiates Na- and police stations, the PM reminded officials of past public cooperation
tional Civil Aviation Safety during demonetisation and the pandemic, advocating for outcome-oriented,
citizen-centric governance that meets rising public aspirations.
Overhaul Post AI Crash
In the aftermath of the tragic Air In-
dia crash near Ahmedabad, the Indian government envisions this plan as a rently around Rs. 75 lakh, is likely to
government has commenced work on pivotal step towards ensuring sustain- jump by up to 30% amid tightening
a sweeping "comprehensive national able and secure aviation development. underwriting norms.
civil aviation safety plan" aimed at This trend reflects a broader global
overhauling the country's aviation Helicopter Insurance Pre- hardening in aviation insurance, with
safety protocols. This new plan will go miums May Soar 30% reinsurers facing mounting liabilities.
beyond the scope of the current ICAO- Analysts suggest that the surge in he-
aligned National Aviation Safety Plan Amid Rising Crash Inci- licopter incidents may also prompt
(NASP) 2024-28 and will form an inte- dents closer scrutiny of flight safety protocols
gral part of the National Civil Aviation and operational standards in the In-
India's helicopter insurance segment is
Policy. dian general aviation sector.
bracing for a substantial premium hike
According to sources, the initiative will of 15-30% following a rise in domestic
scrutinize airport design, aircraft main- accidents and growing losses among Parametric Insurance
tenance, passenger handling, security global reinsurers. Industry sources at- Gains Ground Amid Cli-
procedures, and training institutes. tribute the expected hardening of
Drawing insights from previous acci- rates to increased risk perception in mate Disruptions
dent investigations, expert commit- the general aviation category, which Indian insurers are witnessing a steady
tees, and institutions such as IITs, the includes helicopters and corporate jets uptick in parametric insurance claims,
government aims to craft a multi-lay- and constitutes 15% of India's aviation driven by rising climate volatility and
ered safety framework. insurance market. extreme weather events. Parametric
A multidisciplinary committee formed While the sector generated around Rs. insurance, unlike traditional models,
to review the Ahmedabad crash will 1,010 crore in premiums in FY25, up pays out automatically when pre-
serve as the starting point for this ini- 4% year-on-year, helicopter insurance defined thresholds-such as tempera-
tiative. The move comes amid India's premiums are now poised for sharper ture, rainfall, or wind speed-are
rapid aviation growth, necessitating a escalation. Premiums are typically breached, reducing the need for
robust system that prioritizes safety based on hull value-ranging from Rs. manual claim processing.
across the expanding ecosystem of air- 25 crore to Rs. 100 crore-and seating GoDigit General Insurance recently
ports, passengers, and aircraft. The capacity. The average premium, cur- disbursed Rs 3,000 per claim to mi-

The Insurance Times July 2025 9