General Insurance News

Tesla's foray into the Indian market is set to transform the electric vehicle (EV) insurance landscape.

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Tesla's India entry sparks innovation in EV insurance market

With the launch of its Model Y in Mumbai, priced from Rs. 60 lakh, Tesla has appointed ACKO, Zurich Kotak, and Liberty General as preferred insurance partners.

These insurers have rolled out customised products covering advanced Tesla features and accessories, including charging cables, wall units, and adaptors. A notable innovation is the battery secure option, offering cover for battery repairs and replacements-a key concern in EV ownership.

Comprehensive packages also include full depreciation shield, gap value protection, consumables and tyre cover, key replacement, EMI support, and personal belongings protection. The move is expected to set new standards for EV insurance, compelling domestic insurers to innovate to match Tesla's premium ownership model. Industry experts view this as a catalyst for broader development in India's EV ecosystem and insurance offerings.

ICICI Lombard posts 29% rise in Q1 profit, driven by health and motor segments

ICICl Lombard General Insurance reported a 29% year-on-year (YoY) increase in net profit for Q1FY26, reaching Rs. 747.08 crore compared to Rs. 580.37 crore in the same quarter last year. The growth was supported by steady gains in premium income and strong investment returns.

Gross Direct Premium Income (GDPI) stood at Rs. 7,735 crore, up marginally by 0.6% YoY, though growth excluding the impact of the new 1/N accounting norm was 4.8%. This IRDAI-mandated reporting format, effective from October 2024, alters how long-term premium income is recognised. Retail health insurance witnessed over 32% YoY growth, while overall health grew 3.5%.