Increase in third-party insurance premium for cars, two-wheelers for FY 2020-21 proposed by IRDAI
The IRDAI has proposed a substantial hike in the third-party insurance premium for cars, two-wheelers and transport vehicles for the Read more
Motor Third Party
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.
Read moreMotor 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. Read more
Relevance of Investigation and Importance of written statement in MOTOR THIRD PARTY CLAIM CASES
Motor insurance is the biggest and fastest growing portfolio in the Indian general insurance market. There has been an alarming increase in road accidents during recent years. Read more
Insurers are not aggrieved Party in Motor Third Party Awards?
There remains a doubt in the minds of many including the insurers practicing the compulsory motor insurance for years whether it is open to the insurer to prefer an appeal against the award of the Motor Accidents Claims Tribunal (MACT) questioning the quantum of the compensation as well as regards the negligence of the offending vehicle where an insured has not preferred an appeal under Section 173 of MV Act, 1988 against an award given by the MACT. Read more
BLEEDING MOTOR PORTFOLIO ( GENERAL INSURANCE )
Now a days every General Insurance Company is talking about bleeding motor portfolio and coming out with emphasis on restricting motor portfolio and to increase in other portfolios and adopting various strategies, for example: Read more
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. Read more