Delay in third-party premium hike hurting balance sheets: Insurers

No increase in motor third party premiums for the second consecutive year has left general insurers staring at more stress in their balance sheets, which have already been under pressure owing to mounting Covid claims. The insurance regulator had proposed a hike in third-party premium for FY21 but it was put on hold to provide relief to policyholders during the pandemic. 

In FY20, insurers got a modest hike, but even that was delayed by three months. It has been two years since then, and the general insurance industry is yet to get a motor third party hike from the regulator. Before