Third party motor insurance premium may rise further

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George Mathew: Mumbai, Feb 06 2013, 00:38 IST

general insurers that it will allow them to hike the third party motor rates gradually.

On the possible opposition by the transporters’ association to the hike, the CEO of another general insurance company, said, “There is a set formula, which the IRDA is following and after Calcutta High Court verdict there shouldn’t any problem in hiking the rates.”

After the negotiations with the transporters, IRDA had incorporated an automatic provision in the order on premium revision based on a formula that was implemented from April 1, 2012. At current levels, the premium is well below the break-even level for the portfolio, the industry has accepted the revisions with the expectation that the IRDA would review the position.

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Deepak Sharma | 06-Feb-2013Reply | Forward

Its a wrong process just to raise premium amount for the sake of coveup the losses arisen out of claim paid, and put the un necessory burden on the consumer which is still moving towards insurance. Please ensure- - Claims management are foolproof - Ensure technological advancement - Check frauds - Ensure better road safety - pursue goverment and public to drive safely - Introduce new Underwriting factors which vries premium for the wrong driver - Maintain the faulty driving records - Road maintenance, Night lightning etc there are multiple options to redule Third party calims and to reduce TP Claims burden Please ensure this and these combined efforts will certainly reduce the Premium