Third party claims are adjudicated by the constituted tribunals.
'The slowdown in motor insurance premium growth is due to slower growth in vehicle sales. Also, there has been minimal hike in third-party rates in the past three years which is affecting the growth rate of third-party premiums.'
The resilience of the economy and strength of domestic demand will continue to make India an engine of growth amid the rapidly evolving global trade landscape as a result of US tariffs, Finance Minister Nirmala Sitharaman said in London on Tuesday.
The Finance Ministry is considering to make it mandatory for all private general insurance companies to provide third party motor insurance, which is presently optional for them.
Passenger vehicle dispatches to dealers in India rose over two-fold last month on a low base of Covid-19-hit May last year. As per the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle wholesales rose to 2,51,052 units last month as compared to 88,045 units in May 2021. The two-wheeler sales rose to 12,53,187 units in May as compared to 354,824 units in the year-ago period.
If you have seen Zwigato, Param Kumar's story will sound familiar. Laid off from his job as a repairman at a Gurugram-based water purifier provider, he now delivers groceries and food for a mobile-based delivery app, in Delhi. Kumar, who started making deliveries last August, told Business Standard that he is working longer hours than his older salaried job as an RO repairman, and has no paid leaves or health insurance. Kumar is part of India's estimated 7.7 million-strong force of gig workers.
Neeraj Prakash, MD, Shriram General Insurance, explains how new measures proposed in the Motor Vehicles Act can smoothen the lives of the insured and insurer and how the government plans to make more vehicles owners buy insurance.
Payments can be made till April 21; for motor the relaxation is only for third-party insurance.
If the court order is implemented, it will lead to an increase in the insurance outgo for car owners by a minimum Rs 50,000 for car and a minimum of Rs 7,000 for two-wheeler owners.
Advait Rao Palepu reports how a recent Supreme Court order will impact motor vehicles insurance policies.
Insurance of vehicle, including cars and bikes, will become costlier from April 1 as insurance regulator Irdai has decided to increase premiums by up to 40 per cent from the next fiscal.
For the vehicle-owner, the overall cost of buying a car can go up by 2% to 3$%. For two-wheelers, the cost can rise by 1% to 1.5%
'Our automakers export 50 per cent of what they manufacture and once the policy comes into play, which is in the next 2-3 years, we would become a Rs 10 trillion industry.'
Mukesh Kumar, Executive Director, HDFC ERGO General Insurance Company Limited, talks about the many benefits of buying one
Irdai has proposed to increase the Motor Third Party premium rates for cars below 1000 cc to Rs 2,120 from the existing Rs 1,850 for the fiscal 2019-20.
In the June quarter, growth in the segment stood at around 4 per cent, with premium collection at Rs 15,724 crore against Rs 15,074 crore in the same period of FY19. This was the lowest growth in the last five quarters, starting from Q1FY19.
Here's all you want to know about insuring your priced possession!
The Insurance Regulatory and Development Authority on Wednesday announced that it would lift pricing controls on motor insurance, along with other lines of business currently under tariff, with effect from January 1, 2007.
Some packaged food makers have welcomed the move.
Insurance companies have raised the premium for cars and other vehicles by as much as Rs 2,000 beginning January 1.
The Supreme Court has held that an insurance company cannot forego its liability to pay third party insurance on the ground that driver of the insured vehicle did not possess valid licence if the accident was caused by mechanical faults.
Anik Jain, founder and CEO at Symbo, will answer your questions on insurance -- life, health, motor, travel, etc -- on a weekly basis.
'Equities are likely to be range-bound with a downward bias for the remaining part of the year.'
However, truckers have spared other vegetables, fruits, fuel and milk from the strike.
Keep these things in mind as you head out into the monsoon rains to enjoy your drive and remain tension free
'The current crisis is one of incomes, driven by poor job growth, agrarian distress and poor investment sentiment,' notes Harsh Pati Singhania, director, JK Organisation.
The National Highways Authority of India will this year witness the highest ever growth out of the last decade. But Gadkari himself admits his biggest failure as India's roads minister has been his inability to curb loss of life in road accidents.
Compared to a third party insurance buying comprehensive insurance makes more sense, says Neeraj Gupta
Opposition-ruled states of Kerala, Karnataka, and Tamil Nadu opposing the Bill as they fear losing some of their powers
The new tax rates will come into effect from January 1, 2019.
Dr Manjiri Bakre's OncoStem is revolutionising breast cancer treatment. And has raised $6 million to do more!
Mukesh Kumar, Executive Director HDFC ERGO General Insurance Company, tells you how you can benefit by doing so
There will be higher charges for bank account-holders.
The Insurance penetration in India is very low at 3.9 per cent.
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