 "Rakesh Jain, CEO, Reliance General Insurance")
Non-life insurers are facing a double whammy. While health claims due to coronavirus (Covid-19) are rising fast, the claims from motor segment have also picked up.
Another big worry is hike in the third-party motor insurance premium — supposed to have kicked in from April 1 — that was put on hold by the Insurance Regulatory and Development Authority (Irdai).
There is no clarity if the regulator will hike third-party rates this year. Insurers claim this may result in a negative impact on loss ratio for them in the motor segment.
“The price increase proposed in the exposure draft was based on data
