Page 9 - The Insurance Times September 2025

unimplemented in the region, leaving
thousands of growers vulnerable. India enacts sweeping maritime reforms with new
shipping legislation
On June 2, a severe hailstorm devas-
tated apple and cherry orchards in India has modernised its century-old maritime laws with the enactment of
multiple fruit-producing villages in the Carriage of Goods by Sea Act, 2025, and the Coastal Shipping Act, 2025-
south Kashmir, with many farmers re- both recently approved by President Droupadi Murmu. The new laws align
porting complete crop losses. Abdul Indian maritime governance with international norms, replacing the archaic
Gani, a farmer from Shopian, called it Indian Carriage of Goods by Sea Act, 1925, and provisions of the Merchant
the worst storm in decades. Though Shipping Act, 1958. The Carriage of Goods by Sea Act draws heavily from
Revenue and Horticulture departments the Hague-Visby Rules, ensuring due diligence in ship seaworthiness,
have conducted damage assessments, standardising bills of lading, and capping carrier liabilities to reduce disputes
relief is being provided from the State and insurance costs. The Coastal Shipping Act streamlines coasting trade
Disaster Response Fund (SDRF), not regulations, mandating licensing for foreign vessels and requiring Indian ships
through any insurance mechanism. to follow structured reporting.

Agriculture Minister Javed Ahmad Dar A National Coastal and Inland Shipping Strategic Plan will be updated bien-
confirmed that compensation is being nially to map routes and integrate coastal shipping with inland waterways.
processed at the district level. While Experts say the reforms will enhance India's global trade reliability, reduce
tenders were floated multiple times freight costs, and promote multimodal efficiency through prioritisation of
for insurers to administer PMFBY in the Indian-owned vessels.
region's horticulture sector, the re-
sponse has remained tepid. The ab- ners and digital channels, with 24x7 orthopedic procedures, and fertility
sence of crop insurance in such a high- claims assistance. services.
risk region underscores a major policy
Management noted that locking pre- The country's growing health insur-
gap, particularly when climate events miums for a defined period can im- ance coverage, particularly through
are becoming more frequent and
prove persistency and expand access cashless and OPD-inclusive plans, fur-
severe.
for first-time buyers, especially in infla- ther supports this movement. Experts
Zurich Kotak General Insur- tionary periods. The launch under- say that Indian insurers are customiz-
scores Zurich Kotak's push to differen- ing policies for NRIs by allowing digital
ance launches 'Health360' tiate on predictability and service policy issuance, wider global hospital
with multi-year premium rather than frequent repricing, and networks, and comprehensive cover-
aligns with the wider industry focus on ages suited for medical travel.
lock
customer protection and transparency The combination of affordability, qual-
Zurich Kotak General Insurance has in health insurance pricing. ity care, and improving insurance in-
introduced Health360, a comprehen- frastructure is strengthening India's
sive retail health plan that promises to India's Affordable Health- position as a medical tourism hub, es-
keep premiums unchanged for multiple pecially among diaspora communities
years, aiming to shield customers from care Spurs NRI-Led Medical from the Gulf, US, and UK. However,
medical-inflation shocks. The product Tourism Growth experts caution that regulatory clarity
targets individuals and families, posi- India is witnessing a surge in medical and grievance redressal mechanisms
tioning the fixed-premium feature as a tourism led by Non-Resident Indians for NRIs need improvement.
budgeting aid for long-term health
(NRIs), driven largely by its cost-effec-
planning. Join
tive healthcare ecosystem. A recent
The insurer said Health360 offers report highlights that rising medical Online Certificate Course on
broad hospitalisation cover with cash- costs overseas, coupled with India's Artificial Intelligence
less access across its network, along advanced treatment facilities and
with standard benefits such as pre- and shorter waiting periods, are key driv- in Insurance
post-hospitalisation (as per policy ers of this trend. NRIs are increasingly
terms). The plan will be distributed choosing Indian hospitals for complex For details please visit
through agents, bancassurance part- treatments including cardiac surgeries, www.smartonlinecourse.co.in

The Insurance Times September 2025 9