Motor claims still on higher side

Motor insurance in India continued to be the largest non-life insurance segment with a share of 44.14 per cent (43.61 per cent in 2013-14). It reported growth of 10.52 per cent (14.15 per cent in 2013-14), according to the Insurance Regulatory and Development Authority of India (Irdai). But, losses with respect to claims have been high.

Overall, the net incurred claims of non-life insurers stood at Rs 55,232 crore in 2014-15 against Rs 49,179 crore in 2013-14. The incurred claims exhibited an increase of 12.31 per cent during 2014-15. Among the various segments, health insurance and motor insurance had a high claims ratio at 96.93 per cent and 77.14 per cent respectively.