Page 7 - The Insurance Times February 2026

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News

2.50 trillion in premiums, registering a
GIC appoints S. Prakash as CEO for health insurance 13.7 per cent year-on-year growth.
ecosystem General insurers accounted for Rs 2.10
trillion of this amount, growing 7.4 per
General Insurance Council has appointed S. Prakash as Chief Executive Of-
ficer - Health Insurance Ecosystem and Strategic Partnerships, with effect cent, while standalone health insurers
from January 7, 2026. The appointment is aimed at strengthening coordina- recorded a stronger growth of 17.12
per cent to Rs 31,286.97 crore. Premi-
tion and standardisation across India's health insurance value chain.
ums of specialised insurers increased
In his new role, Prakash will work closely with insurers, hospitals, regulators 10.06 per cent year-on-year to Rs
and other stakeholders to improve transparency, operational efficiency and 9,001.21 crore.
trust within the health insurance ecosystem. His mandate includes driving
standardisation of treatment protocols and care pathways, strengthening In December alone, general insurers
frameworks to curb fraud, waste and abuse, and enabling smoother griev- reported 14.81 per cent growth to Rs
ance resolution through a common industry-wide redressal mechanism. He 23,747.78 crore, while standalone
health insurers posted a sharp 38.81
will also support collaboration between payers and providers, including adop-
per cent rise to Rs 4,260.10 crore. In
tion of common hospital empanelment processes and cost benchmarks.
contrast, specialised public sector in-
The council said Prakash will play an important role in shaping industry norms surers saw a steep 65.43 per cent de-
for incorporating advancements in medical science into insurance products, cline in premiums to Rs 438 crore.
ensuring innovation aligns with patient outcomes, affordability and sustain-
able insurance practices. A seasoned medical professional, Prakash brings Among major players, New India Assur-
over three decades of experience spanning clinical practice and health in- ance reported 16.6 per cent growth,
surance, including nearly 18 years in leadership roles within the sector. ICICI Lombard grew 16.09 per cent, and
National Insurance recorded nearly 37
Commenting on the appointment, Tapan Singhel, Chairman of the General per cent growth, reflecting uneven per-
Insurance Council, said the role focuses on reducing friction, building trust formance across the segment.
and leveraging shared digital platforms such as NHCX to make health insur-
ance simpler and more dependable. Rajasthan assures quick
disposal of crop insurance

Non-life insurers' pre- 28,446.82 crore, supported by the claims
rationalisation of Goods and Services
mium income rises 8.6% Tax (GST) on health insurance premi- The Rajasthan government has assured
speedy settlement of pending crop in-
in December ums, according to data released by the surance claims under the Pradhan
Premium income of India's non-life in- General Insurance Council. Mantri Fasal Bima Yojana (PMFBY), fol-
surance industry rose 8.62 per cent During the April-December period of lowing protests by farmers in parts of
year-on-year in December 2025 to Rs FY26, non-life insurers collected Rs the state over delays in payouts.

The Insurance Times February 2026 7