The Motor TP rates are administered by the IRDAI. The same is reviewed on a periodical basis.
Chart 4.4.1GDPI - Motor Third Party
Table 4.4.1Motor TP
| 2019-20 | Value |
| No. Of TP Policies( Under Package) | 889,18,806 |
| No. Of Standalone TP Policies | 397,84,186 |
| Premium (in Cr) | 42,427 |
| No. Of Claims Reported | 4,86,809 |
| No. Of Paid Claims | 4,03,283 |
| Amt of Paid Claims (in Cr) | 17,519 |
Source: Council Compilation as per source
data submitted by companies
Chart 4.4.2Gross & Net Incurred Claims Ratio - Motor Third Party
Source: Council Compilation as per source
data submitted by companies
Chart 4.4.3Rural vs Urban Premium - Motor TP
Chart 4.4.4Channelwise GDPI - Motor TP
Source: Council Compilation as per source
data submitted by companies
Chart 4.4.5GDPI Breakup on Categories - Motor TP
Chart 4.4.6Policies Breakup on Categories - Motor TP
Source: Council Compilation as per source
data submitted by companies
Chart 4.4.7Motor Third Party Claims
Caveat: The above ratio represents only the Incurred Claims of Motor TP Insurance portfolio as a percentage of TP Premium accounted during the Financial years. Motor TP portfolio is long tail in nature. TP Liability Claim pertaining to TP policies issued during a Financial year gets reported 4-5 years after the expiry of the Financial Year.
Source: Form no VI of Forms I-X for the year 2013-2014 onwards and IIB summary Reports for earlier years. Gross Incurred Claims from Council Compilation
Note: Lag in claims reporting and subsequent payment of claims in a year is characteristic of Motor TP Policies, hence the above chart may be viewed with such understanding.
Source: Council Compilation as per source
data submitted by companies
Chart 4.4.8Share of Incurred Claims - Motor TP (Amount)
Chart 4.4.9Share of Incurred Claims - Motor TP (Number)
Source: Council Compilation as per source
data submitted by companies