Exposure Draft 04.01.2011-Annex

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a j u TH ch 3 C h I 1 7ftWM

Ref: IRDA /Mot TP (rev)

arrj 1m +H e INSURANCE REG ULATORY AND

tl i DEVELOPM ENT AUTHOR ITY04th January 2011

Exposure Draft on Review of Motor Insurance premium rates forthird party liability cover

The third party motor insurance is mandatory for all classes of

vehicles that ply on the public place. Prior to 2007, premiums for all lines

of business in the non-life sector were regulated by the Tariff Advisory

Commttee. The third party motor insurance premums were till then

governed by the provisions of the India Motor Tariff of 1st July 2002. In

2007, regulation of tariffs was withdrawn. However it was continued to be

regulated in the case of third party motor insurance. Considering that due

regard had to be paid to the developments since then, the Authority, in

2007, caused a detailed analysis of the various rates etc and after

discussions with various apex associations of transporters, initially notified

a rate for different classes of vehicles as set out in column-1 of Annexure-

1. Later, in response to various concerns expressed, the premium was

scaled down and a revised notification was issued on 23rd January 2007 as

set out in column-2 of Annexure-1. These rates remain in force till today.

2. Parallelly, in order to ensure that this class of business, which

seems to be basically unviable, is not disproportionately loaded only on to

certain classes of insurers, the Regulatory Authority constituted a Pool

which was structured on the premise that all insurers shall share losses

arising from the provision of third party insurance cover in proportion to



The General Insurance Council and the transporters' associations had

several meetings which were inconclusive as the differences in approach

could not be completely narrowed down. The GIC, in turn, submitted a

report on their discussions to the Authority with a request to take the

matter forward. The Authority in its turn held two rounds of meetings with

the All India Confederation of Goods Vehicle Owners Association (which

also represented members of All India Bus Operators Association) and one

round of meeting with the All India Motor Transport Congress. During

these discussions, certain concerns were raised by the transporters'

associations which were responded to by the Authority and this position is

set out in the following paragraphs. Further, during the discussions, one

of the participant transporter associations expressed a view that it would

not be in the long term interests either of the insurance industry or the

transport industry if the third party motor business is run in a mannerother than at least on a no-loss no-profit basis.

S I

NoTransporters ' Query IRDA's Response

1 No relevant data on A booklet containing detailed informationthird party insurance on Motor Third party portfolio waswas supplied to them compiled and provided by the Authority toduring their meetings all the apex associations. This bookletwith the G.I.Council. contains the latest trends in motor third

party insurance including data on the 3years experience of Motor Pool.

2 Motor Third Party Pool The Third Party Motor Pool was constituted

has not served its a s a m e a s u r e t o s h a r e t h e l o s s e s a s t h epurpose hence it should premiums being charged for this class ofbe dismantled and insurance are not viable.premum should bemarket determined and The statistics pertaining to motor thirdnot regulated. The party insurance for the previous two years



commenced only in the year 2007-08, thelast claim for all vehicles which wereinsured in that year would be expected tobe filed only in the year 2015-16. Hence,

the statistics of incurred claims ratio aretoo narrow to enable one to take a decisionto dismantle the pool without furtherexperience at hand.

Apart from the incurred claim ratio, theabsolute amount of compensation beingawarded has shown a significant upwardtrend. Claims settled in 2007 - 08 had anaverage claim amount per claim of Rs.1.03lakh. This increased to Rs.1.21 lakhs forclaims in 2008-09 which further increasedto Rs.1 . 55 lakhs for the claims settled in2009-10. This increase in claim amountbrings out unequivocally that the pattern ofsettlement is on the increase and thiswould have profound implications on theloss ratios in the years to come.

For all these reasons, it will be prematureto consid er total abolition of the Pool.

3 MV. Act should be Till 1988, the liability for motor third party

amended to bring in claims was limited. However , the Motorfixedlimt o Vehicles Act 1939 was amended in 1988 tocompensation provide for unlimited liability. The A uthority

has recommended to the Government thatthe original position of limited liabilityshould be restored. Further , the Authorityhas also recommended that the MV Act beamended to provide for a limitation periodin the matter on filin g claims before MACT.

4 Claims for passengers The law treats passengers and other thirdshould be segregated parties on equal footing. However effortsfrom claims for non - are on to work out separate data forpassengers before passenger and non-passengers for thereviewingtheper futureby the Insurance Information



has grossly increased the final claimamount by similar percentage. The Courthas also standardized the deductibles(which are essentially amounts the victim

would have spent on self had he/she beenalive).

4. Statistics compiled by the Insurance Information Bureau (IIB) of the

Authority show that the motor third party insurance portfolio for

commercial vehicles is consistently making losses. The summary of

incurred claims ratio for preceding 2 years for motor third party insurance

for (i) Good carrying vehicles (Public Carrier) and (ii) Passenger Carrying

Vehicle (4 wheelers), are given below:

TP Incurred Claims Ratio

ClassCode Description 2007 - 08 2008-09

Goods Carrying Public (other17 than 3 wheelers ) 152.50 173.08

21 Passen g ers Carr y in g 4 wheeler 158.62 149.94The data for third party insurance for all classes of vehicles for 2007-08 and 2008-years are placed in Annexure-II (a), II (b) respectively.

5. The Authority is of the view that the issue of review of motor third

party premium deserves due importance and urgency. The data clearly

shows that the portfolio is running at a considerable loss to the insurance

companies. The development of claims for this portfolio also takes several

years as illustrated in Annexure-III. The development is illustrated

separately for all classes of vehicles in respect of (i) death (ii) third party

property damage and (iii) other causes which can be accessed in the

website of IRDA www.irda .gov.in (" What is New"/ 09t" Nov, 2010).



IRDA estimates the insurance premum represent less than 1% of

operating cost of transporters.

r

7. In view of the above factors placing severe strain on the

underwriting of mandatory third party insurance business by the general

insurers, it has become necessary to come out with this exposure draft

reviewing the third party premium and replace the current tariff by rates

as proposed in column-3 of Annexure-I.

8. The rates proposed are the premium that can be charged by

insurers till further orders.

9. All stake holders are invited to provide their comments on this draft

proposal so as to reach the Authority by email addressed to

hananthakrishnancWirda . aov.in on or before 17th January 2011.

/l "" - l _

(M.Ramaprasad)Member Non-Life



Annexure-I

Motor Third Party Insurance - Schedule of Premium RatesColumn [ 1 ] Column [2 ] Column [ 3 ]

04.12.2006( Notified Premium )

Existing Premium(23.01.2007 Noun. )

Proposed Revised Premium

Private Cars

Not exceeding 1000 cc 670 6 70 7 40

Exceeding 1000 cc but not exceeding 1500 cc 80 0 80 0 88 0

Exceeding 1500 cc 2500 2500 2750

Two Wheelers

Not Exceeding 75 cc 30 0 30 0 33 0



Exceeding 350 cc 62 0 62 0 66 0

AlGoods Carrying Vehicles Public Carriers (other than 3

wheelers)GVW not exceeding 7500 kgs 8000 5580 10040

Exceeding 7500 kgs but not exceeding 12000 kgs 8000 5920 10660

Exceeding 12000 kgs but not exceeding 20000 kgs 80 00 6090 10960


Exceeding 40000 kgs 90 00 6770 12190

A2Goods Carrying Vehicles Private Carriers (other than 3wheelers)

GVW not exceeding 7500 kgs 7000 5000 9000

Exceeding 7500 kgs but not exceeding 12000 kgs 7000 1 5 3 0 0 9540

Exceeding 12000 kgs but not exceeding 20000 kgs 7000 5 4 4 0 9790


Exceeding 40000 kgs 8000 6050 10890

ASGoods Carrying Motorized Three Wheelers and Motorized Pedal 1600Cycles - Pubic Carriers

1530 2750

A4Goods Carrying Motorized Three Wheelers and Motorized Pedal 1450Cycles - Private Carriers

1450 2610



04.12 .2006( Notified Premium )

Existing Premium(23.01 . 2007 )

Proposed Revised Premium

( A ) ( B ) ( A ) (B ) ( A) ( B )

C2 Four or more w heeled vehicles with carrying capacity exceeding8 passen g ers for hire or reward 4650 350 3160 23 5 5690 42 0

FC1bThree wheeled vehicles used for carrying passengers for hire orreward with carrying capacity not exceeding 6 passengers 75 0 350 51 0 31 5 920 57 0

I TP Premium is the total of a basic amount (A) plus an amount derived bymultiplying the licensed carrying capacity by the amount in (B) I

C3Motorized three wheeled passenger carrying vehicles for hire orreward with carrying capacity exceeding 6 but not exceeding 17passen g ers

2300 350 1560 31 5 2810 570

[ TP Premium is the total of a basic amount (A) plus an amount derived bymultiolvin the licensed carrvin capacity by the amount in Bt

C2 Three wheelers with carrying capacity exceeding 17 passengers . 4650 350 3160 235 5690 42 0

I T P P r e m i u mis the total of a basic amount (A) plus an amount derived bymultipl yin g the licensed car rying ca pacit y by the amount in (B)

C4 Motorized Two Wheelers used for carrying passengers for hire orreward

Not exceeeding 75 cc 300 30 0 540

Exceeding 75 cc but not exceeding 150 cc 300 30 0 54 0

Exceeding 150 cc but not exceeding 350 cc 300 30 0 540

Exceeding 350 cc 68 0 68 0 1220

D S pecial Typ es of Vehicles

i) Pedestrian controlled Agricultural Tractors with HorsePower rating not exceeding 6 HP; Hearses and Plane Loaders

40 0 400 440

ii) Other Misc & Spl types of vehicles 800 80 0 1440

E Motor Trade (Road Transit Risk )

i) Distance not exceeding 2400 Kms 500 500 90 0

if) Distance exceeding 2400 Kms 60 0 60 0 1080

F Motor Trade (Road Risk ) (Excluding Motorized Two Wheelers) -



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Documents

Exposure Draft 04.01.2011-Annex