India: Insurance Laws and Products

The Supreme Court, in the case of New India Assurance Co. Ltd. & Ors. vs. M/s Louis Dreyfus Commodities India Pvt. Ltd. (2026 INSC 876) ('New India Assurance vs. Louis Dreyfus'), has held that where an insurance policy covers turnover on a running annual basis, the insurer cannot be held liable for a loss that occurs after the insured's actual turnover has exceeded the turnover for which premium has already been paid, even where the policy itself is expressed as an annual turnover based cover.

The Supreme Court of India has delivered a landmark ruling clarifying when government welfare benefits can be deducted from motor accident compensation awards.

India's insurance sector has grown rapidly over the past two decades, with various reports indicating a compounded annual growth rate of approximately 17% during this period