News Non-Life04 Jun 2018

India:Insurers told to create longer term motor third party products

04 Jun 2018

The insurance regulator IRDAI has asked all general insurance companies to design long-term motor third party liability products--with a term of five years for two-wheelers and three years for cars--so as to increase the number of vehicles with this mandatory cover.

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Recent Comments

Kumar Pherwani

The ideal situation is to design Life Time third party policies for all vehicles, just as there are Life Time RTA taxes paid to government on all vehicles. This would create a huge reserve pool for insurers to meet TP Liabilities. The government to enact changes to reduce compensation on TP Liabilities by suitable capping. IRDAI may effect changes in insurers' policies where higher limits of TP Liabilities may be bought by customers to protect their overall liabilities.

04 June 2018

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