Page 8 - The Insurance Times February 2026

According to reports, insurance compa- Releasing its outlook on India's non-life insurance, premiums are pro-
nies have unpaid crop insurance claims economy and insurance sector, the jected to grow 2.2 per cent in 2025,
amounting to nearly Rs 950 crore in Zurich-based reinsurer said growth 4.1 per cent in 2026, and 7.3 per cent
Rajasthan. Taking serious note of the would be supported by resilient eco- annually over 2026-30, all in real terms
grievances raised by farmer nomic expansion, rising risk awareness adjusted for inflation.
organisations, Agriculture Minister and supportive regulatory reforms. By
Kirori Lal Meena reviewed the status comparison, the Chinese insurance Ease of business: Digit In-
of long-pending claims across districts market is projected to grow at around
and instructed officials to ensure their 4 per cent and the US market at about surance to absorb holding
early resolution. 2 per cent over the same period. company
The minister directed departmental Swiss Re highlighted recent reforms, in- Go Digit General Insurance has approved
authorities to seek explanations from cluding the increase in foreign direct in- a scheme to merge its unlisted holding
the insurance companies concerned vestment (FDI) limits to 100 per cent, company, Go Digit Infoworks Services,
and take swift action to clear outstand- permission for mergers between life with the listed insurer, marking the first
ing cases. He assured farmers that the and non-life insurers, and lower capital such transaction following amendments
state government was committed to requirements for foreign reinsurance to India's insurance laws that permit
safeguarding their interests and ensur- branches, as key growth drivers. Life mergers between insurance companies
ing timely claim settlements under the insurance premiums are expected to and non-insurance holding entities.
scheme. rise 3.4 per cent in calendar year 2025 In an exchange filing, the insurer said
and 3.5 per cent in 2026, before accel-
The directions were issued after inter- its board approved the scheme of
erating to 6.8 per cent annually during
actions with representatives of various amalgamation under Sections 230 to
farmer associations in Jaipur. Discus- 2026-30. 232 of the Companies Act, subject to
sions covered issues related to agricul- The exemption of individual life insur- approvals from shareholders, creditors
ture and horticulture schemes, includ- ance premiums from GST is expected and regulators, including Insurance
ing crop insurance, farmer input subsi- to improve affordability across term, Regulatory and Development Author-
dies, and recent legislative initiatives savings and unit-linked products. For ity of India, Securities and Exchange
such as the new Seed Bill and the Pes-
ticides Management Bill. SBI General to sharpen focus on health, motor insur-
The state government's intervention ance via bancassurance
comes amid rising concerns that delays
in claim settlements are affecting farm- SBI General Insurance plans to further strengthen its bancassurance and cor-
ers' liquidity and preparedness for sub- porate distribution channels, with a sharper focus on health and motor in-
surance, according to Managing Director and Chief Executive Officer Naveen
sequent cropping seasons, particularly
Chandra Jha. The company sees significant headroom for growth in these
in regions impacted by adverse weather
conditions. Officials said closer monitor- segments and aims to leverage its strong banking partnerships to deepen
ing of insurers' performance under penetration.
PMFBY would continue to prevent pro- As part of this strategy, the insurer is designing products to address unmet
longed delays in future. customer needs. It recently launched the Health Alpha - Senior plan and has
also rolled out a comprehensive cyber insurance product covering risks such
India's insurance market as online theft and password-related frauds. Following the GST waiver, SBI
General was among the first insurers to introduce a customisable health in-
to grow at 6.9% CAGR dur- surance offering under the Health Alpha brand.

ing 2026-30: Swiss Re On a year-to-date basis, the company's retail health portfolio has grown by
India's insurance market is expected to around 40-45 per cent, while overall growth is running at nearly twice the
grow at a real compound annual industry average. SBI General has gained market share across health, mo-
growth rate of 6.9 per cent between tor and personal accident insurance, and is also recording strong growth in
2026 and 2030, outpacing both emerg- corporate lines such as commercial fire. The insurer is simultaneously invest-
ing and advanced markets, according ing in service quality across claims, policy issuance and endorsements, with
to a report by Swiss Re. a focus on profitable growth and customer experience.

8 February 2026 The Insurance Times