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The mandatory third-party auto insurance has put insurers in a dilemma
[Posted by: InsuringIndia News on Monday, February 09, 2015 12:00 AM]
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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*This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for an individual health policy with the sum insured of Rs. 5 lakhs.
**This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for a term plan, with the sum insured of Rs. 30 lakhs, and the premium paying term of 30 years.
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