Motor accident insurance compensation decreased by 36% since 2019

Motor accident insurance compensation decreased by 36% since 2019
© Provided by Business Today Motor accident insurance compensation decreased by 36% since 2019  

Nirmala Sitharaman, the Finance Minister, informed the Lok Sabha that 3,78,343 motor accident insurance claims were settled/booked in 2020-21, the lowest since 2016. Data shared by the minister shows that the motor third party insurance claims settlement has decreased by 23 per cent in four years.

The motor insurance compensation paid to claimants has decreased by 36 per cent, from Rs 90,28,02,426 in 2019-20 to Rs 57,33,58,149 in 2020-21, according to the Lok Sabha data.

National Insurance Company Limited intimated/booked 1,05,338 motor third party insurance claims in 2020-21, the highest in the country. This was followed by the New India Assurance Company Limited at 59,267 insurance claims, United Insurance Company Limited intimated/booked 48,093 claims, and Oriental Insurance Company Limited booked 45,079 insurance claims.

The ministry, in its reply, said that the insurance company designates an officer to settle accident claims in the Motor Accident Claims Tribunal, and the insurance company shall make payment within 30 days.

ICICI Lombard General Insurance Company Limited settled 17,007 claim insurances, Reliance General Insurance Company Limited settled 9,407 insurance claims, and HDFC Ergo General Insurance Company Limited intimated/ booked 8,218 claims.

Further, Lok Sabha was informed that the Insurance Regulatory and Development Authority of India (IRDAI) said that the details of minimum compensation paid are not maintained as the said database captures all payouts under motor third party insurance and it is not possible to know whether a particular amount mentioned in the database is an expense or a compensation amount. 

The maximum compensation paid to claimants in 2020-21 was by Reliance General Insurance Company Limited, worth Rs 5,31,28,212. This was followed by National Insurance Company Limited, which paid claimants worth Rs 4,81,67,969. ICICI Lombard General Insurance Company Limited paid Rs 3,28,95,770, The New India Assurance Company Limited compensated Rs 2,85,87,469 to the claimants, and the United Insurance Company Limited paid Rs 2,56,31,802.

The highest number of insurance claims were settled/booked in Kerala (52,301), Telangana (48,036), Karnataka (43,653), and Uttar Pradesh (35,967). In Maharashtra, and Delhi the claim settlement by insurance companies decreased by 34 per cent and 39 per cent, respectively.

The maximum compensation paid to claimants was in Delhi worth Rs 5,31,28,212, Goa for Rs 3,28,95,770, Tamil Nadu for Rs 2,85,87,469, Telangana for Rs 2,80,82,573, and Uttar Pradesh for Rs 2,56,31,802. 

IRDAI has also informed that the data for the current year is not available yet.

The Motor Vehicles Act, 1988 was amended by the Motor Vehicles (Amendment) Act, 2019 to increase the compensation for hit and run motor accidents from Rs. 12,500 to Rs. 50,000 in case of grievous hurt, and from Rs. 25,000 to Rs. 2,00,000 in case of death. 

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