Indian auto group seeks to shake up motor insuranceOctober 11 2018 by InsuranceAsia News Staff
A group of Indian auto makers has asked the country’s insurance regulator to de-link personal accident cover from third-party cover.
The Society of Indian Automobile Manufacturers (SIAM) has said that third-party cover increases vehicle costs and that this is affecting sales.
If the personal accident cover is not linked to the third-party cover, vehicle owners will then be able to purchase single-year personal accident cover policies. This will allow customers to pay the personal accident premium amount only for that one year and not up front for three and five years for private cars and two wheelers respectively.
According to sources, the Insurance Regulatory and Development Authority of India is expected to go through the representation made by SIAM and issue a revised circular this week.
On the directions of the Madras High Court, the Authority has recently raised the minimum personal accident premium to Rs750 a year for private cars and two wheelers.
- August 23
Abishesh Chettiar has left Zurich to join the fast growing German international player.
- August 14
The Hong Kong protests have created another level of uncertainty but pan-regional insurers are well placed.
- August 9
Rates are higher in Asia and Australia, but insurers aren’t necessarily benefiting.
- August 8
Following intense regulatory scrutiny the German giant has decided to exit the market.