India’s insurance regulator has proposed to increase third-party automobile insurance premiums after two years for most vehicles, including electric vehicles. That might be one more blow for the striving struggling low-cost two-wheeler segment.
Up to this point, the pricing approved in June 2019 is appropriate. The Insurance Regulatory and Development Authority of India’s March 4 draft notification proposes a hike in the base premium and liability of insurers for the 2023 monetary from April 1.
The increase is a positive advance for the industry since there has been no hike for quite a while, Sanjay Datta, head of guaranteeing and asserts at ICICI Lombard General Insurance Co.