The premium rates for third-party motor insurance may see an increase of 10 per cent in 2019-20 at least for some vehicle segments, even as insurers suggest the use of telematics to decide costs for customers.
“There has been an increase in costs for insurers, which should, ideally, be reflected in the premium costs,” said an executive with an insurance firm, adding that the industry has been keen on a 10 per cent to 15 per cent increase in third-party motor insurance cover.