Insurers propose 80% hike in third party motor risk premium

In a decision that will hurt auto owners in the commercial vehicle (CV) segment, domestic general insurers have finally taken the initiative to increase premiums for third party motor insurance by almost 80%. General Insurance Council (GIC), the official representative body of the domestic general insurers, met in Hyderabad on Friday and passed an resolution to this effect. We have decided to initiate the process to hike third party motor insurance rates by 80% since losses from the portfolio are no longer sustainable, said the chief of a public sector general insurance company. Over 50% of the premiums of general ...

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