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29 Apr 2019, Natalia Yanakieva, Head of EMIS Insights, EMIS

Indian insurers have mixed reactions to no hike in auto insurance premium

The Insurance Regulatory Authority of India (IRDAI), which sets a universal auto insurance premium for all insurers in the country, has surprised the sector by deciding not to increase the premium until further notice. For the past six years IRDAI has been increasing the third-party premiums by an average 29% for cars and 23% for two-wheelers per year.

The reactions from the sector range from complaints that this would disrupt growth plans to comments that the premium for this insurance is already overpriced, while there are also speculations that the increase is postponed only until after the general elections pass.

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Original source: The Indian Express

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