Page 340 - Motor Insurance Ebook IC 72
P. 340
The Insurance Times
injuries to a third party and also damage done to his/
her property.
There is a strong perception among insurers that TP
premiums are unviable. However they have been
unable to raise the rates due to the absence of clear
and authentic data.
Thus one of the major benefits in generation of and
maintenance of data by an independent central
repository will assist in proving this perception and
provide an opportunity in raising the premium rates.
1. The statistical data on record can generate many
other outputs e.g. distribution of survey work
among surveyors or advocates in cases of motor
TP.
2. Analysis of data on TP claims across various courts
could help in more accurate provisioning of
outstanding claims filed in various courts, e.g. there
is a general belief that courts in some states are
more liberal in awarding compensation to
applicants. The detailed statistical data can over
a period support of regulate such belief.
3. They can even provide details of quantum of claim
paid to various repairers, the nature of damage
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