Page 2 - Motor Insurance

General Insurance CEOs laud the switch to 'principle-based' regulation

We are the 15th largest general insurance market in the world, said Dasgupta

Non-life insurance industry projected to grow by 14 to 15% CAGR by FY37

General insurance penetration in India remains low at 1 per cent as of FY21, compared to 3.4 per cent in Taiwan and 5.2 per cent in South Korea

Irdai mandates TP insurance to employees travelling in employer's vehicle

IRDAI added that no additional premium will be charged until further directions are issued

Health, motor continue to drive general insurance, Q1 sales jump 17.9%

Robust demand for health and motor covers buoyed non-life players' premium income in the first quarter of the current fiscal to Rs 64,262.8 crore, a growth of 17.9 per cent on-year when the industry had clipped at 23 per cent. The spike in sales of motor policy, which used to be the largest segment of the industry but is now pushed down to the second slot behind the health segment, is easily understood given the vrooming automobile sector that has sold more than 2 million units in the June quarter. The robust double-digit growth for the general insurance industry comes in sharp contrast to a 0.8 per cent decline that life insurers logged in the reporting quarter, driven down by the massive poor show by the industry leader LIC across its business verticals. In June, the non-life insurance industry reported a premium of Rs 20,451.9 crore growing by 14.8 per cent on-year compared to 20.6 per cent in the same period last year, according to the data collated by Care Ratings. The 17.9 ..

Govt proposes rates for third party motor insurance premium for FY24

According to a draft notification, the base premium rates for third party motor insurance cover have been proposed at Rs 2,094 for private cars below 1,000 cc, Rs 3,416 for cars

Personal finance: Here are the money changes and PF deadlines for June 2023

From more expensive third-party motor insurance to pricey E2Ws to new rules for safe deposit lockers, read it all here

Mandatory KYC leads to 30-50% dip in demand for motor insurance from agents

Mandatory KYC leads to 30-50% dip in demand for motor insurance from agents

After poor show in Sept, non-life insurers' premiums up 15.5% YoY in Oct

Demand for health and motor insurance to continue though growth may dip, say experts

Motor insurance picked up pace, grew neck and neck with health in H1FY23

Motor insurance, which saw muted growth in the last two years, has finally seen some momentum, although the base is low

Want a lower motor insurance premium? Watch how (often) you drive

Floater policies will be cost-effective, provide convenience of renewal at one go for multiple vehicles

How and how often you drive to determine your car insurance premium soon

The concept of 'pay as you drive" stems from the fact that policyholders will be charged premiums based on vehicle usage

Rise in third party insurance premium to impact two-wheeler industry: TVS

The automobile industry has been impacted by a series of headwinds, leading to a steady increase in two-wheeler prices, TVS Motor Company Director and CEO K N Radhakrishnan said in a statement

Third-party motor insurance premium hike not enough: Industry

In the past, the general insurance industry has seen TP premium increases in double-digits for the blended pool

Govt proposes hike in 3rd-party motor insurance premium from next fiscal

Union Road Transport Ministry has proposed an increase in third-party motor insurance premium for various categories, which is likely to jack up insurance cost of car and two-wheelers from April 1.

Motor third-party premium rates to be revised after two years

The ministry of road transport and highways released a draft notification for revising the motor third party premium rates for the financial year 2023

'Bumper-to-bumper' insurance should be mandatory, says Madras HC

In a significant order, the Madras High Court has ruled that "bumper-to-bumper" insurance should be mandatory whenever a new vehicle is sold, from September 1. This must be in addition to covering the driver, passengers and owner of the vehicle, for a period of five years. Thereafter, the owner of the vehicle must be cautious in safeguarding the interest of driver, passengers, third parties and himself/herself, so as to avoid unnecessary liability being foisted on the owner of the vehicle, as beyond five years, as on date there is no provision to extend the bumper to bumper policy, due to its non-availability, Justice S Vaidyanathan said in a recent order. The judge was allowing a writ petition from the New India Assurance Company Limited in Avalpoondurai, challenging the orders dated December 7, 2019 of the Motor Accidents Claims Tribunal, Special District Court in Erode. The Insurance company pointed out that the insurance policy in question was only an "Act Policy", which woul

Save up to 50% by opting for minimal motor insurance cover: Experts

Owners of younger or more valuable vehicles should stick to comprehensive cover

Cyclone Tauktae: Consider Bharat Griha Raksha to shield against calamities

To safeguard your vehicle against a cyclone, supplement a comprehensive motor policy with a couple of add-ons

Motor insurance premiums remain in contraction till February, shows data

While group health has seen 9 per cent growth, government schemes and overseas medical segments contracted

Motor insurance likely to remain muted amid Covid-19, say experts

Experts said this is the result of higher new vehicle sales on the back of strong retail demand during the festive season