IRDAI set to review India's mandatory 3rd-party motor insurance rates
Business
India's insurance regulator, IRDAI, is set to shake up third-party motor insurance rates for the first time in years.
This type of insurance is a must-have for all vehicle owners: it covers you if your car causes injury, death, or property damage to someone else.
IRDAI to consider vehicle claim trends
Insurers have been struggling with heavy losses thanks to bigger payouts and rising medical costs.
Third-party rates are not set by insurers themselves; instead, they are decided by the government based on IRDAI's advice.
Now, IRDAI will look at claim trends and financial risks across different vehicles before suggesting new rates, in hopes of making things fairer for both insurers and drivers.