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a j u TH ch 3 C h I 1 7ftWM
Ref: IRDA /Mot TP (rev)
arrj 1m +H e INSURANCE REG ULATORY AND
tl i DEVELOPM ENT AUTHOR ITY04th January 2011
Exposure Draft on Review of Motor Insurance premium rates forthird party liability cover
The third party motor insurance is mandatory for all classes of
vehicles that ply on the public place. Prior to 2007, premiums for all lines
of business in the non-life sector were regulated by the Tariff Advisory
Commttee. The third party motor insurance premums were till then
governed by the provisions of the India Motor Tariff of 1st July 2002. In
2007, regulation of tariffs was withdrawn. However it was continued to be
regulated in the case of third party motor insurance. Considering that due
regard had to be paid to the developments since then, the Authority, in
2007, caused a detailed analysis of the various rates etc and after
discussions with various apex associations of transporters, initially notified
a rate for different classes of vehicles as set out in column-1 of Annexure-
1. Later, in response to various concerns expressed, the premium was
scaled down and a revised notification was issued on 23rd January 2007 as
set out in column-2 of Annexure-1. These rates remain in force till today.
2. Parallelly, in order to ensure that this class of business, which
seems to be basically unviable, is not disproportionately loaded only on to
certain classes of insurers, the Regulatory Authority constituted a Pool
which was structured on the premise that all insurers shall share losses
arising from the provision of third party insurance cover in proportion to
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The General Insurance Council and the transporters' associations had
several meetings which were inconclusive as the differences in approach
could not be completely narrowed down. The GIC, in turn, submitted a
report on their discussions to the Authority with a request to take the
matter forward. The Authority in its turn held two rounds of meetings with
the All India Confederation of Goods Vehicle Owners Association (which
also represented members of All India Bus Operators Association) and one
round of meeting with the All India Motor Transport Congress. During
these discussions, certain concerns were raised by the transporters'
associations which were responded to by the Authority and this position is
set out in the following paragraphs. Further, during the discussions, one
of the participant transporter associations expressed a view that it would
not be in the long term interests either of the insurance industry or the
transport industry if the third party motor business is run in a mannerother than at least on a no-loss no-profit basis.
S I
NoTransporters ' Query IRDA's Response
1 No relevant data on A booklet containing detailed informationthird party insurance on Motor Third party portfolio waswas supplied to them compiled and provided by the Authority toduring their meetings all the apex associations. This bookletwith the G.I.Council. contains the latest trends in motor third
party insurance including data on the 3years experience of Motor Pool.
2 Motor Third Party Pool The Third Party Motor Pool was constituted
has not served its a s a m e a s u r e t o s h a r e t h e l o s s e s a s t h epurpose hence it should premiums being charged for this class ofbe dismantled and insurance are not viable.premum should bemarket determined and The statistics pertaining to motor thirdnot regulated. The party insurance for the previous two years
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commenced only in the year 2007-08, thelast claim for all vehicles which wereinsured in that year would be expected tobe filed only in the year 2015-16. Hence,
the statistics of incurred claims ratio aretoo narrow to enable one to take a decisionto dismantle the pool without furtherexperience at hand.
Apart from the incurred claim ratio, theabsolute amount of compensation beingawarded has shown a significant upwardtrend. Claims settled in 2007 - 08 had anaverage claim amount per claim of Rs.1.03lakh. This increased to Rs.1.21 lakhs forclaims in 2008-09 which further increasedto Rs.1 . 55 lakhs for the claims settled in2009-10. This increase in claim amountbrings out unequivocally that the pattern ofsettlement is on the increase and thiswould have profound implications on theloss ratios in the years to come.
For all these reasons, it will be prematureto consid er total abolition of the Pool.
3 MV. Act should be Till 1988, the liability for motor third party
amended to bring in claims was limited. However , the Motorfixedlimt o Vehicles Act 1939 was amended in 1988 tocompensation provide for unlimited liability. The A uthority
has recommended to the Government thatthe original position of limited liabilityshould be restored. Further , the Authorityhas also recommended that the MV Act beamended to provide for a limitation periodin the matter on filin g claims before MACT.
4 Claims for passengers The law treats passengers and other thirdshould be segregated parties on equal footing. However effortsfrom claims for non - are on to work out separate data forpassengers before passenger and non-passengers for thereviewingtheper futureby the Insurance Information
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has grossly increased the final claimamount by similar percentage. The Courthas also standardized the deductibles(which are essentially amounts the victim
would have spent on self had he/she beenalive).
4. Statistics compiled by the Insurance Information Bureau (IIB) of the
Authority show that the motor third party insurance portfolio for
commercial vehicles is consistently making losses. The summary of
incurred claims ratio for preceding 2 years for motor third party insurance
for (i) Good carrying vehicles (Public Carrier) and (ii) Passenger Carrying
Vehicle (4 wheelers), are given below:
TP Incurred Claims Ratio
ClassCode Description 2007 - 08 2008-09
Goods Carrying Public (other17 than 3 wheelers ) 152.50 173.08
21 Passen g ers Carr y in g 4 wheeler 158.62 149.94The data for third party insurance for all classes of vehicles for 2007-08 and 2008-years are placed in Annexure-II (a), II (b) respectively.
5. The Authority is of the view that the issue of review of motor third
party premium deserves due importance and urgency. The data clearly
shows that the portfolio is running at a considerable loss to the insurance
companies. The development of claims for this portfolio also takes several
years as illustrated in Annexure-III. The development is illustrated
separately for all classes of vehicles in respect of (i) death (ii) third party
property damage and (iii) other causes which can be accessed in the
website of IRDA www.irda .gov.in (" What is New"/ 09t" Nov, 2010).
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IRDA estimates the insurance premum represent less than 1% of
operating cost of transporters.
r
7. In view of the above factors placing severe strain on the
underwriting of mandatory third party insurance business by the general
insurers, it has become necessary to come out with this exposure draft
reviewing the third party premium and replace the current tariff by rates
as proposed in column-3 of Annexure-I.
8. The rates proposed are the premium that can be charged by
insurers till further orders.
9. All stake holders are invited to provide their comments on this draft
proposal so as to reach the Authority by email addressed to
hananthakrishnancWirda . aov.in on or before 17th January 2011.
/l "" - l _
(M.Ramaprasad)Member Non-Life
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Annexure-I
Motor Third Party Insurance - Schedule of Premium RatesColumn [ 1 ] Column [2 ] Column [ 3 ]
04.12.2006( Notified Premium )
Existing Premium(23.01.2007 Noun. )
Proposed Revised Premium
Private Cars
Not exceeding 1000 cc 670 6 70 7 40
Exceeding 1000 cc but not exceeding 1500 cc 80 0 80 0 88 0
Exceeding 1500 cc 2500 2500 2750
Two Wheelers
Not Exceeding 75 cc 30 0 30 0 33 0
Exceeding 75 cc but not exceeding 150 cc 30 0 30 0 33 0
Exceeding 150 cc but not exceeding 350 cc 30 0 30 0 33 0
Exceeding 350 cc 62 0 62 0 66 0
AlGoods Carrying Vehicles Public Carriers (other than 3
wheelers)GVW not exceeding 7500 kgs 8000 5580 10040
Exceeding 7500 kgs but not exceeding 12000 kgs 8000 5920 10660
Exceeding 12000 kgs but not exceeding 20000 kgs 80 00 6090 10960
Exceeding 20000 kgs but not exceeding 40000 kgs 9000 6260 11270
Exceeding 40000 kgs 90 00 6770 12190
A2Goods Carrying Vehicles Private Carriers (other than 3wheelers)
GVW not exceeding 7500 kgs 7000 5000 9000
Exceeding 7500 kgs but not exceeding 12000 kgs 7000 1 5 3 0 0 9540
Exceeding 12000 kgs but not exceeding 20000 kgs 7000 5 4 4 0 9790
Exceeding 20000 kgs but not exceeding 40000 kgs 8000 5610 10100
Exceeding 40000 kgs 8000 6050 10890
ASGoods Carrying Motorized Three Wheelers and Motorized Pedal 1600Cycles - Pubic Carriers
1530 2750
A4Goods Carrying Motorized Three Wheelers and Motorized Pedal 1450Cycles - Private Carriers
1450 2610
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04.12 .2006( Notified Premium )
Existing Premium(23.01 . 2007 )
Proposed Revised Premium
( A ) ( B ) ( A ) (B ) ( A) ( B )
C2 Four or more w heeled vehicles with carrying capacity exceeding8 passen g ers for hire or reward 4650 350 3160 23 5 5690 42 0
FC1bThree wheeled vehicles used for carrying passengers for hire orreward with carrying capacity not exceeding 6 passengers 75 0 350 51 0 31 5 920 57 0
I TP Premium is the total of a basic amount (A) plus an amount derived bymultiplying the licensed carrying capacity by the amount in (B) I
C3Motorized three wheeled passenger carrying vehicles for hire orreward with carrying capacity exceeding 6 but not exceeding 17passen g ers
2300 350 1560 31 5 2810 570
[ TP Premium is the total of a basic amount (A) plus an amount derived bymultiolvin the licensed carrvin capacity by the amount in Bt
C2 Three wheelers with carrying capacity exceeding 17 passengers . 4650 350 3160 235 5690 42 0
I T P P r e m i u mis the total of a basic amount (A) plus an amount derived bymultipl yin g the licensed car rying ca pacit y by the amount in (B)
C4 Motorized Two Wheelers used for carrying passengers for hire orreward
Not exceeeding 75 cc 300 30 0 540
Exceeding 75 cc but not exceeding 150 cc 300 30 0 54 0
Exceeding 150 cc but not exceeding 350 cc 300 30 0 540
Exceeding 350 cc 68 0 68 0 1220
D S pecial Typ es of Vehicles
i) Pedestrian controlled Agricultural Tractors with HorsePower rating not exceeding 6 HP; Hearses and Plane Loaders
40 0 400 440
ii) Other Misc & Spl types of vehicles 800 80 0 1440
E Motor Trade (Road Transit Risk )
i) Distance not exceeding 2400 Kms 500 500 90 0
if) Distance exceeding 2400 Kms 60 0 60 0 1080
F Motor Trade (Road Risk ) (Excluding Motorized Two Wheelers) -
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