News & Updates
General insurers seek 50% hike in 3rd-party premiums

General insurance companies are seeking at least a 50 per cent increase in third-party motor insurance premium rates to compensate for heavy losses in this segment. Last year, third-party motor insurance rates had gone up by 20 per cent after transporters opposed the 60 per cent hike demanded by insurers. Two years ago, these rates had gone up by 65 per cent.The premium rates for third-party motor insurance in India are fixed by the Insurance Regulatory and Development Authority (IRDA). Every year, in April, the insurance regulator revises the third-party premium rates for all classes of vehicles based on an actuarial formula, which takes into account the loss ratios for insurers, inflation, higher awards by judiciary, and other factors. In November, IRDA sharply increased the provisioning (the money general insurance companies need to set aside to meet the high level of claims) to 210 per cent of the claims from 145 per cent, based on the loss estimates by an actuarial committee.

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