P156 | Workshop on Motor Third Party Claims (Non-Life)

Motor Third Party Insurance has assumed significant importance in terms of market share in the recent past. It is also a large contributor to underwriting losses affecting the bottom line of companies. The stakeholders involved in the motor third party ecosystem are many, requiring monitoring and control by the insurers for effective portfolio management. Recent developments in the motor space include introduction of The Motor Vehicles (Amendment) Act, 2019, amendment in section 163A-schedule, (introduction of section 164) providing compensation for third party fatal accidents/injury cases, compulsory personal accident cover of INR 15 lac, regulation on long term policy for two wheelers and private cars and increasing frequency and severity of third-party cases. The programme will enable participants to understand various facets of motor third party insurance to enable them to provide better service and make the portfolio sustainable.