This organisation has hiked the Third Party (TP) motor insurance premium for small and medium private cars by 12-12.5% for 2019-20.

The Insurance Regulatory and Development Authority of India (IRDAI) hiked the Third Party (TP) motor insurance premium for small and medium private cars by 12-12.5% for 2019-20. The rates are applicable from June 16, 2019. TP premium for two-wheelers and heavy vehicles was also increased. These powers which are provided to IRDAI are mentioned under Section 14 (B) (i) of the IRDA Act, 1999. Two-wheelers with engine capacities between 150cc and 350cc witnessed the highest percentage increase at 21.11%. Rates were increased from Rs 985 to Rs 1,193. For two-wheelers between 75 cc and 150 cc, it hiked TP rate by 4.44% to Rs 752. There was a hike of 12% in private cars below 1000 cc engine to Rs 2,072 and 12.50% increase to Rs 3,221 for cars with an engine capacity of 1000-1500 cc.