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Editorial The Economic Times, The price of risk Premia Must Reflect Profile of Insured. A group constituted by the Insurance Regulatory Authority of India (IRDA) has proposed fixing of motor insurance premium (own damage) based on a combination of risk factors and the policy holder’s risk profile – Risk Factor Rating System. This proposal is part of a roadmap towards de-tariffing motor (own damage) insurance from 1 April 2005. Read more
The Claimant is also entitled to seek additional compensation on fault basis and this compensation is available without any limits on the basis of the earning capacity and age of the victim or dependants. Read more
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
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
A relationship of trust and mutual respect for each other rights would definitely result in loss minimization of motor claims.
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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