Page 7 - The Insurance Times September 2025

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tribution reach amid competitive pres-
Tesla's India entry sparks innovation in EV insurance sures.
market
Government frames new
Tesla's foray into the Indian market is set to transform the electric vehicle
(EV) insurance landscape. With the launch of its Model Y in Mumbai, priced salvage policy to speed up
from Rs. 60 lakh, Tesla has appointed ACKO, Zurich Kotak, and Liberty Gen- marine disaster response
eral as preferred insurance partners.
India is set to introduce a new salvage
These insurers have rolled out customised products covering advanced Tesla framework requiring both domestic
features and accessories, including charging cables, wall units, and adap- and foreign vessels operating in Indian
tors. A notable innovation is the battery secure option, offering cover for waters to pre-arrange tie-ups with
battery repairs and replacements-a key concern in EV ownership.
empanelled salvage companies. The
Comprehensive packages also include full depreciation shield, gap value pro- proposal, under the Merchant Ship-
tection, consumables and tyre cover, key replacement, EMI support, and ping Bill 2025, aims to shorten re-
personal belongings protection. The move is expected to set new standards sponse time during marine incidents
for EV insurance, compelling domestic insurers to innovate to match Tesla's such as shipwrecks and oil spills.
premium ownership model. Industry experts view this as a catalyst for Captain Abul Kalam Azad, Nautical Ad-
broader development in India's EV ecosystem and insurance offerings.
visor to the government, noted that
delays caused by appointing salvage
ICICI Lombard posts 29% by 0.6% YoY, though growth excluding operators post-disaster would be ad-
the impact of the new 1/N accounting dressed through this pre-emptive mea-
rise in Q1 profit, driven by norm was 4.8%. This IRDAI-mandated sure. Ships transiting Indian coastal
health and motor seg- reporting format, effective from Octo- waters must partner with firms capable
ber 2024, alters how long-term pre- of responding within 12 hours. These
ments companies-Indian or foreign joint ven-
mium income is recognised. Retail
ICICI Lombard General Insurance re- health insurance witnessed over 32% tures-must be equipped with adequate
ported a 29% year-on-year (YoY) in- YoY growth, while overall health grew personnel and high-powered tugs at
crease in net profit for Q1FY26, reach- 3.5%. strategic coastal locations.
ing Rs. 747.08 crore compared to Rs. The initiative follows recent incidents,
580.37 crore in the same quarter last Total expenses rose 12% YoY to Rs. including the listing of MSC Elsa and a
5,429 crore. The combined ratio mar-
year. The growth was supported by fire on MV Wan Hai. Experts welcomed
ginally increased to 102.9%, while the
steady gains in premium income and
claims ratio improved slightly to 73% the move, highlighting the chronic
strong investment returns.
from 74% last year. The company con- shortage of marine salvage resources
Gross Direct Premium Income (GDPI) tinues to expand motor insurance in India and the need for swift
stood at Rs. 7,735 crore, up marginally through deeper segmentation and dis- mobilisation during emergencies.
The Insurance Times September 2025 7