Insufficient increase of compulsory motor insurance tariffs

Motor insurers are not happy. The increase of third party liability tariffs, due on April 1, is deemed insufficient. Companies estimate that losses to be sustained by this class of business will amount to 1.33 billion USD for a combined ratio close to 190%.

According to the insurers, the tariff increase from 9% to 20% depending on the category of vehicle is not likely to alter the results of motor third party liability. To balance their accounts, insurers demanded a minimum increase of 50%.
In February, the initial increase project proposed by IRDA ranged from 26% to 137% depending on the type of vehicle.

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