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Third party motor insurance rates may be hiked up to 20
Times Now, May 21, 2019

New Delhi: The Insurance Regulatory and Development Authority (IRDAI) us planning to hike the third-party motor insurance rate by 10 to 20 per cent for cars, bikes and taxis. It may be noted that the regulator has kept the premium unchanged for luxury cars and bikes since it hiked the rates by over 100 per cent last year for this category.

As per a ToI report, the insurance regulatory authority announced its intention of hiking the rates on Monday. Since the premiums were cut by 10 to 20 per cent last year, this hike will bring the rates back to what they were before the price cut. Third-party insurance rates for trucks might also be hiked by up to 20 per cent.

According to insurers, motor insurance has been unprofitable for all because of everyday cases like rash driving, signal jumping, poor rood infrastructure, accidents in India. In fact, India has one of the highest fatality rates globally in regards to road accidents.

ICICI Lombard chief of underwriting and claims, Sanjay Datta was quoted in the national daily report saying, "In the last decade, the combined loss ratio for motor and health has always been above Rs 100. For every Rs 100 collected for a policy, we spend Rs 10-20 more in paying claims."

A public sector insurer official also said that a considerable number of vehicles on road don't have mandatory third party insurance. The compliance rate is low and people also can easily get a fake insurance policy for bikes, car, auto etc at petrol bunks. He asked, "If we keep raising rates, how many will buy original policies."

Worth mentioning here is that IRDAI earlier this year extended the validity of third party (TP) premium rates beyond March 31, 2019. The regulator was expected to increase the TP premium by up to 30 per cent going by the past 6 years' trend. However, all the insurers were asked to continue charging the rates currently being charged for motor third party liability insurance cover from April 1, 2019, onwards until further orders.

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