Page 25 - Insurance Times October 2019

LONG-TERM

POLICY BUYERS:

TIME TO CHECK

WHAT YOU ARE

GETTING ON

RENEWAL

"Grass is greener at other people's feet because Own damage Third party liability
they watered it. You need not to let your Product (policy period (policy period
environment control you, you have what it takes in years) in years)
to make it look beautiful" Four-wheeler 1 3
- Israelmoe Ayivor Four-wheeler 3 3
Leaders' Watchwords Two-wheeler 1 5

We are seeing tectonic plates shifting in the Motor portfolio Two-wheeler 5 5
of GI (General Insurance) industry. 1st Sept., 2019 saw
renewal of several lacs of policies. And the renewal plans What was the reason for this directive?
were dependent on what was purchased last year. So, quick
This was in the backdrop of the fact that a number of
flash back to, 1st Sept. 2018, owing to the order of the Apex
private vehicles (read two wheelers & four wheelers) were
court, IRDAI gave directive to Insurance companies to issue
not having the mandatory TP (Third Party) Insurance. As per
long term policies with the below options available for the industry estimates, 60% of vehicles are being driven
customer.
without any insurance with majority of them being Two
About the author Wheelers.

Prawin Chandra Mishra What is the current implication?
Vice President On Indian roads, two-wheelers constitute approximately
Strategic Partnership 76% of the total vehicular traffic and account for 34% of
Godigit General Insurance
Accidental Deaths.

The Insurance Times, October 2019 25