MUMBAI: In view of the consistent losses arising from large claim settlements and other negatives like falling interest rates that will crimp their investment income, non-life insurers are planning to increase the premium rates by 10-15 per cent in certain segments to protect their bottom lines.
In fact, the insurance regulator IRDAI has also hinted at a premium hike especially in third-party motor premium and the group health insurance from April 1 when most of the renewals take place in the domestic general insurance market.
"I won't be surprised if the premia go up as the pricing has already reached rock bottom," IRDAI member (non-life insurance), P J Joseph told PTI.
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