Formation of Indian Motor Third Party Declined Risk Insurance Pool

The independent review conducted by the IRDA through various agencies revealed that the current framework of the Pool is severely affecting the financial viability of the non-life insurance segment due to its alarming capital depletion.

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Motor Third Party -Need To View Differently

Preface

Since revision in MV Act in the year 1988, incorporating of certain amendments with regard to limit of liability, time limit for filing claim petition, selected defense made available to insurers, widening of jurisdiction clause etc. are all together leading to high Incurred claim ratio in this segment and thus putting pressure on insurer’s financial performance in this global environment, particularly when self sustainability of each segment becomes of paramount importance and also a talk of the day.

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Motor Third Party Fraud Claims – How to counter losses

1. Many news are making headlines regarding motor third party claim like “Insurance companies are bleeding as far as motor T.P. claims are concerned, companies are paying interest in lakhs on the above claims per day. The incurred claims rates for motor T.P. claim is 300% and above.

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