Motor third party insurance is a compulsory for all vehicles that hit the road, whether it is used for domestic, commercial, or any other purpose. This policy does not provide any benefit to the insured; however it covers the insured's legal liability for damage, injury, death or disability caused to the third party as well as any damage or loss to third party property.

The Insurance Regulatory and Development Authority (IRDA) released the data of motor insurance third party claims for the...  Read More »

The Insurance Regulatory and Development Authority (IRDA) has ordered dismantling of the Indian Motor Third Party Pool with effect from 31st March 2012.

Dismantling of the existing Motor Third Party Pool:

. It will be dismantled on a clean-cut basis

. The non-life insurance companies who have issued the policy will also be responsible for servicing the policy and settling claims

. Based on the actuarial calculations, each insurer will have to submit the details of calculations to the...  Read More »

The Mumbai suburban district consumer disputes redressal forum passed a judgement ordering two insurance companies – New India Assurance and Chola MS to settle motor insurance claims of two vehicle owners, which were earlier rejected by them.

The first case involves Gunapal Shetty, who had taken a car insurance policy for his Tavera from New India Assurance Company. On June 26, 2009, the vehicle owner found his car missing from the spot where he had parked it in Chembur at night. He contacted...  Read More »

Third party motor pool is causing a lot of worry for public sector, private insurance companies and for the insurance regulator.  Indian Motor Third Party Insurance Pool (IMTPIP) was setup by all the general insurers in India to collectively service commercial vehicle third party insurance business.

Any insurer could write third party risks into the pool without rejecting any requests and the liability arising out of all such policies would be borne by the pool. Insurance companies have to...  Read More »

Driven by an increase in demand, by the year 2015, non-life insurance or general insurance market is estimated to grow at over 18% to Rs 90,000 crore from the current level of Rs 47,000 crore, Associated Chambers of Commerce and Industry of India (ASSOCHAM) said in its press release.

India will be one of the fastest growing markets in Asia and globally – next only to China among major markets.

Motor insurance will continue to remain the largest category, contributing over 40 per cent of...  Read More »

Comprehensive Motor Insurance Policy provides cover for own-vehicle damage and third party liability. In addition to this, it covers damages or losses from man-made tragedies like theft, riots, malicious activities, act of terrorism etc; and natural calamities such as earthquake, floods, landslides, and storm. But most people are not aware of the fact that it also covers death or bodily injury to any person including occupants carried in a private car and pillion rider carried on the bike or...  Read More »

The Chandigarh Consumer Disputes Redressal Forum-II has ordered insurance company to compensate the policyholder for theft of his car.
 

A resident of Mohali, who failed to inform his car insurance company for about ten months after the theft of his car, has received a decision in his favour. Charan Dass claimed that he had not received any policy documents from his insurer and hence claimed that the insurance company did not make him aware of the terms and conditions.
 

The insurance company...  Read More »

Reliance General Insurance Company has been asked to pay a compensation of Rs 20.75 lakh to the family of a Delhi Government official, who died last year in February after battling for life for nearly 2 months.
 

In December 2009, Prasad who was working as an accounts officer with the Delhi Government was on his way to work when he was hit by a tempo in an unfortunate road accident. Following this, he was admitted in Aruna Asif Ali Hospital and then later to Lok Nayak Jai Prabha Hospital in...  Read More »

A seven year old minor girl was injured in a car accident while she was crossing the road with her parents and brother. The girl became mentally challenged due to the injuries sustained in the accident. The Delhi court directed United India Insurance Company to pay Rs 5,90,750 to the girl.

Manzoor Ahmad Simon, a resident of Greater Kailash was driving his Tata Safari at a reckless speed when his car hit the minor girl. The car was insured by United India Insurance Company Ltd.

Judge Swarana...  Read More »

Auto insurance market presents huge potential in terms of revenues and customer base. This makes it important for the insurance companies to focus on providing quality service to increase customer satisfaction and overall experience.

In the auto insurance industry, customer satisfaction has an impact on the policyholders’ intent to renew their policies from the same insurer. Highly satisfied policyholders are at least 1.5 times as likely to renew their policies with the same provider....  Read More »