A day after polling concluded, insurance regulator IRDAI proposed an increase in third party (TP) motor insurance premium rates for various categories of automobiles from cars, two-wheelers and school buses to trucks. The upward revision proposed for cars is in excess of 14% — for two-wheelers it is up to 21.11% and public goods carriers (trucks) over 11%. The increase recommended for school buses is 5.29% in basic rate and 5.34% per licensed passenger.
However, there will be no change in the long-term premium rates for new cars and two-wheelers — such covers come for three years in the case of new cars and five years for new two-wheelers.
By issuing an exposure draft for the current fiscal (2019-20), the Insurance Regulatory and Development Authority of India (IRDAI) on Monday put to rest any expectations on continuing with the existing premium rates. Usually, the new rates come into force on April 1. It is preceded by an exposure draft that is placed in the public domain seeking comments. The revision proposed in the draft generally becomes the final tariff.
This year, in March-end, IRDAI had extended the validity of the 2018-19 rates, beyond March 31, until further notice. The present exposure draft is open for comments till May 29. Subramanyam Brahmajosyula, head — Underwriting and Reinsurance of SBI General Insurance — said the increase proposed for most classes of vehicles suggests that premiums have not been keeping pace with the cost of claims in the past and hence further price correction is required.
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