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Motor drags non-life insurance growth in Nov

Tuesday, December 24, 2019, 12:12 PM

Motor insurance continued to pull down the non-life industry growth numbers for November. Premium collection data from the IRDAI showed that the motor business moderated due to weak auto sales. The industry saw a 16 percent year-on-year (YoY) growth in gross written premium collecting Rs.1.26L-crore. Of this, general insurers saw a 14.8 percent premium growth while standalone health insurers saw 33.6 percent growth.
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IRDAI may soon link motor insurance premium with traffic violations

Saturday, September 7, 2019, 3:58 PM

The Insurance Regulatory and Development Authority of India (IRDAI) has, on the request of the government, set up a working group to examine and recommend linking of motor insurance premiums with traffic violations. Insurance companies will have to undertake a pilot project in the National Capital Territory(NCT), Delhi to implement the premium escalation formula, as per an order issued by IRDAI on September 6.