Irdai fixes motor third-party insurance premiums for FY19

General insurers told Business Standard the reduction in premium rates would motivate customers, especially private car and motorcycle owners

After having issued a set of proposed revisions to motor third-party insurance premiums early this month, the Insurance Regulatory and Development Authority (Irdai) notified general insurers of the rates applicable from April 1 onward. 

Irdai has kept the premium rate unchanged from that stated in its draft for private cars and two-wheelers. Business Standard had reported on the proposed changes to motor third-party premiums for vehicles of a certain capacity; those proposed changes have now been notified. 

Sanjay Datta, chief of underwriting and claims at ICICI Lombard, the general insurance company, says: “Every year, the regulator evaluates the market, segment