The Insurance Regulatory and Development Authority of India announced on Thursday, January 6 that they have decided to set up two hubs on motor insurance and property insurance along with an advisory committee with the purpose of promoting loss prevention measures in the insurance industry. As per a report, the decision to set up these hubs was based on the recommendations given by a group working on loss prevention and minimisation in the general insurance industry. The advisory committee is being set up under the leadership of the NIA director, and the aim of this committee is to create a repository of past risk inspection reports and develop standard practices and formats for survey/inspection.
- January 7, 2022
A consumer court in Bengaluru has ruled that transferring the vehicle registration certificate (RC) is enough to claim benefits, including motor insurance. The ruling was passed on a complaint filed by resident Abhishek R. Das. Das had purchased a car from Sheeba Robert in October 2019, the RC for which was transferred to his name on October 10. Das planned to transfer the insurance cover within the specified 14-day period. However, his acquaintance drove the car on October 12 and met with a serious accident that cost over ₹6 lakh. With the motor insurance policy under United India Insurance Company Ltd. active till January 15, 2020, Das raised a claim, which was rejected since there was no contract between him and the insurer. On November 18, 2021, the court asked the insurer to pay ₹6,58,432 with interest towards car repair, ₹25,000 for causing inconvenience, ₹25,000 for damages, and ₹10,000 for court expenses.
- December 20, 2021
Insurance companies have received maximum motor insurance claims due to the damages caused to vehicles amid heavy rainfall in Chennai. One of the reputed insurers said that they received 296 claim intimations post Chennai floods. 260 were from the private car category, 33 from two-wheelers, and 3 from commercial vehicle categories. Another top insurance company affirmed that they also received 39 property claims after the heavy rainfall.
- December 12, 2021
Finance Minister Nirmala Sitharaman informed the Lok Sabha that 3,78,343 motor accident claims were settled in 2020-21, which is the lowest since 2016. The data shared by the Finance Minister explains that the third-party insurance claims settlement has gone down by 23% in 4 years. On the other hand, as per the Lok Sabha data, motor insurance compensation has decreased by 36% (₹90,28,02,426 in 2019-20 to ₹57,33,58,149 in 2020-21). The ministry then said that the insurance company designates an officer to settle accident claims in the Motor Accident Claims Tribunal and the company shall make the payment within 30 days. The maximum compensation paid in 2020-21 was worth ₹5,31,28,212 in Delhi, ₹3,28,95,770 in Goa, ₹2,85,87,469 in Tamil Nadu, ₹2,80,82,573 in Telangana, and ₹2,56,31,802 in Uttar Pradesh. The data for the current year is currently unavailable.
- December 8, 2021
The Kolkata Traffic Department has launched an online or electronic No Objection Certificate facility for lost vehicle registration certificates(RC) as well as for driving licence (DL). Until now, people who needed a NOC for lost RC or DL had to physically visit the Lal Bazar traffic police station to get the document. However, due to the pandemic and to ease the process for the customers, the online e-NOC service has been launched so that people can get their NOC by submitting the relevant information on the www.kolkatatrafficpolice.gov.in website. This online NOC service will be available 24x7 for the customers.
- November 23, 2021
The family members of a deceased man who died in a bike accident were denied an insurance claim by a Bengaluru consumer court. The victim in question had purchased a second-hand bike a week before the accident and had not yet transferred the bike insurance policy to his name. When the family of the victim approached the insurance company, their claim was denied as the insurance policy was still in the name of the original bike owner. The matter was further escalated in a consumer court that ruled in favour of the insurance company, as there was no legal contract between the new owner and the insurance company since the contract had not been transferred yet.
- November 22, 2021
After the recent heavy rainfall in Chennai, many insurance companies are expecting a steep rise in insurance claims for motor insurance. In a recent interview, a representative of SBI General Insurance mentioned that policyholders need to be careful while making insurance claims. He urged them not to start their water-damaged vehicles but take them straight to network garages for inspection to determine the extent of the damage. The report also mentioned that insurance companies had received excessive motor insurance claims during the 2015 Chennai floods and the Vadrah cyclone.
- November 14, 2021
As per a report by a financial media outlet, public sector insurance companies have been steadily losing market share to private companies in the motor insurance segment. As per the report, the market share of public sector insurance companies has dropped from 36.6% to 32.6% over the past year. On the other hand, private insurance companies have increased their market share from 63.4% to 67.4% during the same time period. Additionally, Maharashtra, Tamil Nadu, Uttar Pradesh and Karnataka are the states bringing in the highest earnings for motor insurers as per the report.
- October 7, 2021
The Madras High Court announced on Thursday that bumper-to-bumper insurance has to be made compulsory for all vehicles sold after September 1, 2021. The court also announced that vehicle owners must have this insurance for at least 5 years after buying their vehicle. After the 5-year period is over, the vehicle owners must be cautious in safeguarding the interest of the driver, passengers, third parties and themselves. The bumper-to-bumper insurance must be purchased in addition to the mandatory third-party insurance. It provides full coverage for your vehicle and parts, irrespective of factors such as depreciation. As a result, this type of insurance also has higher premium rates as compared to third-party insurance.
- August 26, 2021
India Post will provide a doorstep service for motor insurance and renewal in Prayagraj and Kaushambi districts from July 1, 2021. Vehicle owners need to have an account with the India Post Payment Bank and can avail these facilities by calling 155299 and scheduling an appointment. Following which, the postman would visit home and insure or renew the vehicle.
- Jun 26, 2021
Budget 2021 came with significant revisions in the customs duty levied on some automotive parts. These automotive parts include safety glass, ignition wiring sets, instrumental panel clocks, windscreen wipers, electrical lighting, parts of signaling equipment, demisters, defrosters and clocks. A critical increase from 7.5-10% to 15% is likely to impact the price of vehicles. While the year 2020 proved to be a mixed bag for the industry with certain factories shutting down to some functioning beyond their capacity. This change may help recover the losses.
- February 16, 2021
As per the new circular of IRDAI, motor insurance companies in India are directed to obtain valid Pollution Under Control (PUC) certificate from a customer before renewing the policy. This circular has been issued following the Supreme Court’s directed Insurance Guidelines that state that insurer must not insure a vehicle unless a valid PUC certificate is not produced on the day of the renewal of motor insurance.
- February 14, 2021
Ever since the inception of FASTag, the electronic toll collection facility, government has been encouraging the use of electronic toll collection to reduce the use of cash and decongest the highways. In light of this, the union road transport and highways ministry has planned to make FASTag mandatory in all four-wheeler vehicles from 1 January, 2021. Not just this, the ministry has proposals to make FASTag a compulsion for getting a new third-party motor insurance. This may come into effect from 1 April, 2021.
- February 12, 2021
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