Motor risk cover set to cost more

23.06.10

Calcutta, June 23 : Insurers plan to jack up their car insurance premium rates by 10-15 per cent in the next few months.

The rates for those having a more frequent claim history will go up more — around 20-25 per cent — according to a senior official of ICICI Lombard General Insurance Company.

“Average motor insurance premium may go up 10 to 15 per cent in the next few months with the premium rates for bad risks (where claims have been made) increasing by a higher percentage,” said Amarnath Ananthanarayan, chief executive officer, Bharti Axa General Insurance Company.

After insurers were given the freedom to fix their premium rates from January 2007, general insurers resorted to huge discounts to grow their businesses, particularly in motor and fire insurance.

Post-detariffing, car insurance premium fell as much as 70 per cent in some cases. Car insurance comprises more than 50 per cent of the total business of most insurers.

Source: Calcutta Telegraph

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