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The Insurance Ordinance which makes third-party auto insurance mandatory has put general insurance companies in a dilemma; as it would increase their losses, prompting them to seek a tidy hike in the premium.
For general insurance companies, the third-party auto insurance business is a loss-making segment. The industry, in this portfolio, is burdened with loss of Rs 7,000-8,000 crores every year.
Following the ordinance, the Insurance Regulatory and Development Authority (IRDA) has asked all general insurers to ensure that third-party insurance cover is made available to the insured in the proportion of its market share.
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