Page 9 - The Insurance Times November 2025

meteorological, hydrological, seismic,
and oceanographic institutions through Non-life insurers' gross direct premium grows 7.26%
a Common Alert Protocol-compliant in H1 FY25
system, which has already issued over India's non-life insurance industry reported a 7.26% growth in gross direct
109 billion alerts. Mishra urged G20 premium (GDP) underwritten during the first half of FY25, reaching Rs.1.65
members to build interoperable re- lakh crore compared with Rs.1.53 lakh crore in the same period last year,
gional platforms, shared data proto- according to data released by the Insurance Regulatory and Development
cols, and joint capacity-building under Authority of India (IRDAI).
the Early Warnings for All framework.
Standalone private health insurers posted a 7.72% rise in GDP to Rs.19,623
Highlighting India's finance model for crore from Rs.18,217 crore a year earlier, while specialised public sector
DRR, he said the Finance Commission insurers saw a sharp 66% increase to Rs.7,377 crore from Rs.4,433 crore.
ensures multi-year, rules-based alloca-
In September 2025 alone, non-life insurers underwrote premiums worth
tions and decentralised funding guided Rs.31,119 crore, up from Rs.27,550 crore in the corresponding month of
by a national Disaster Risk Index. He
2024. The growth reflects continued momentum across segments such as
showcased initiatives like Aapda Mitra health, motor, and specialised lines, driven by rising awareness and increased
volunteers and hazard-specific
retail penetration.
programmes that embed resilience in
governance and local development.
the most damage due to sensitive elec- model. If implemented, India could
tronic systems. become one of the first major econo-
Over 500 cars worth Rs.50 mies to launch a nationwide climate
crore destroyed in Kolkata Government explores cli- insurance scheme, aligning disaster fi-
nancing with resilience goals.
deluge mate-linked insurance for
More than 500 cars, valued at over extreme weather losses Insurance brokers seek
Rs.50 crore, were rendered irrepa- The Central government has initiated unified digital platform for
rable following the torrential rains that
flooded large parts of south Kolkata on preliminary discussions with local insur- claims and grievances
the night of September 22-23. The ers to develop a nationwide climate- The Insurance Brokers Association of
deluge submerged thousands of ve- linked insurance programme aimed at India (IBAI) has urged the government
hicles parked in ground-level and base- protecting citizens against losses from to create a single, technology-driven
ment garages, leaving car owners floods, heatwaves, and other extreme platform to streamline claim settle-
counting heavy losses. weather events. ments and grievance redressal across
The proposed scheme will adopt a insurers. The proposal was presented
Insurance surveyors and workshop
parametric insurance model, under during a meeting with Finance Minis-
managers estimate that nearly one-
fourth of the 2,000 affected cars were which payouts are triggered automati- ter Nirmala Sitharaman in New Delhi.
declared total losses, with many sub- cally when weather parameters - such Led by IBAI President Narendra
merged for up to 48 hours. The dam- as rainfall, temperature, or wind speed Bharindwal, the delegation - repre-
age extended across models - from - cross defined thresholds. Unlike tra- senting over 750 licensed brokers - also
luxury cars like Mercedes-Benz, BMW, ditional insurance, which requires de- recommended embedding insurance
and Audi to mid-range brands such as tailed loss assessment, parametric coverage with Mudra Loans, declaring
Maruti Suzuki and Hyundai. models enable faster claim settle- April 19 as National Insurance Aware-
ments. ness & Policyholder Day, and using CSR
Businessman Kalyan Shome from Jodh-
pur Park said his fleet of four vehicles, GIC Re Chairperson Ramaswamy funds to provide insurance for vulner-
including a BMW SUV and a BYD elec- Narayanan said the talks began in re- able groups.
tric car, was completely submerged. sponse to the increasing frequency of IBAI welcomed the GST exemption on
"There is no clear communication extreme events. The National Disaster retail health and select life insurance
about whether they can be repaired or Management Authority, Finance Min- products, terming it a progressive step
have to be scrapped," he said. Experts istry, IRDAI, and top insurers are ex- toward the "Insurance for All by 2047"
noted that advanced vehicles suffered ploring the framework and funding vision. The association also proposed a

The Insurance Times November 2025 9