Motor TP premium hike crucial for survival: New India Assurance CMD

Motor TP Premium Hike Crucial, Says New India Assurance CMD The Chairman and Managing Director (CMD) of New India Assurance has stated that a hike in Motor Third Party (TP) premium is crucial for the insurance sector. This indicates that the current premium rates for third-party motor insurance might be insufficient to cover the increasing claims and operational costs, affecting the profitability and sustainability of insurers. A premium hike would aim to rationalize rates and ensure the long-term viability of motor insurance offerings.