{"id":1339,"date":"2019-10-29T07:09:39","date_gmt":"2019-10-29T07:09:39","guid":{"rendered":"https:\/\/www.gicouncil.in\/yearbook\/?page_id=1339"},"modified":"2024-02-16T07:19:30","modified_gmt":"2024-02-16T07:19:30","slug":"motor-third-party-tp","status":"publish","type":"page","link":"https:\/\/www.gicouncil.in\/yearbook\/2022-23\/indian-non-life-insurance-industry-analysis\/section-04-segmentwise-business-highlights\/motor-third-party-tp\/","title":{"rendered":"4.4 &#8211; Motor Third Party"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>The Motor TP rates are administered by the IRDAI. The same is reviewed on a periodical basis.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-columns w-two-one\">\n\t<div class=\"wp-block-column_2\">\n\t\t<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.1<\/span>GDPI - Motor Third Party<\/h3><div id=\"Chart_182\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        column_chart(\"Chart_182\", {\"unit\":\"(\\u20b9 in Crores)\",\"data\":{\"GDPI\":{\"2013-14\":15237,\"2014-15\":17615,\"2015-16\":21036,\"2016-17\":26573,\"2017-18\":32935,\"2018-19\":38046,\"2019-20\":42436,\"2020-21\":41746,\"2021-22\":43261,\"2022-23\":49208}},\"Title\":\"GDPI - Motor Third Party\",\"xTitle\":\"Year\",\"yTitle\":\"\\u20b9 in Crores\",\"xAxisData\":{\"2013-14\":\"2013-14\",\"2014-15\":\"2014-15\",\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\"},\"colorCodes\":[\"#D766FA\"]});\n                    });\n                <\/script>\n\t<\/div>\n\t<div class=\"wp-block-column_1\">\n\t\t<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Table 4.4.1<\/span>Motor TP<\/h3><table width=\"100%\" class=\"\">    <tbody>        <tr>                    <td>                        2022-23                    <\/td>                    <td>                        Value                    <\/td>        <\/tr>        <tr>                    <td>                            No. Of TP Policies( Under Package)                    <\/td>                    <td>                            10,03,32,643                    <\/td>        <\/tr>        <tr>                    <td>                            No. Of Standalone TP Policies                    <\/td>                    <td>                            5,81,18,541                    <\/td>        <\/tr>        <tr>                    <td>                            GDPI \u00a0(in Cr)                    <\/td>                    <td>                            49,208                    <\/td>        <\/tr>        <tr>                    <td>                            No. Of Claims Reported                    <\/td>                    <td>                            4,55,405                    <\/td>        <\/tr>        <tr>                    <td>                            No. Of Paid Claims                    <\/td>                    <td>                            4,04,204                    <\/td>        <\/tr>        <tr>                    <td>                            Amt of Paid Claims  (in Cr)                    <\/td>                    <td>                            25,063                    <\/td>        <\/tr>    <\/tbody><\/table>\n                <span style=\"margin-left: 139px;font-size:13px\"> <i><\/i><\/span>\n\t<\/div>\n<\/div>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>Source<\/strong>: <\/em> <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.1a<\/span>Channelwise GDPI - Motor TP<\/h3><div id=\"Chart_340\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        pie_chart(\"Chart_340\", {\"data\":{\"Individual Agents\":18565,\"Corporate Agents-Bank\":1013,\"Corporate Agents-Others\":2684,\"Brokers\":18837,\"Direct Business-Internet\":1069,\"Direct Businessternet-Other than in\":1671,\"Others\":5368},\"Title\":\"\",\"SeriesTitle\":\"Channelwise GDPI - Motor TP\",\"colorCodes\":[\"#8730A0\",\" #BC00BC\",\"#AD58C9\",\"#D766FA\",\"#CC99FF\",\"#F5A9FE\",\"#7030A0\"],\"dataLabelsFlag\":\"no\"});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>Source<\/strong>: <\/em> <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.2<\/span>Gross & Net Incurred Claims Ratio - Motor Third Party<\/h3><div id=\"Chart_183\" class=\"chart-div\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        multiline_chart(\"Chart_183\", {\"unit\":\"%\",\"data\":{\"Gross Incurred Claims Ratio\":{\"2013-14\":\"114.6\",\"2014-15\":\"98.9\",\"2015-16\":\"87.7\",\"2016-17\":\"94.2\",\"2017-18\":\"96.5\",\"2018-19\":\"87.2\",\"2019-20\":\"81.6\",\"2020-21\":\"75\",\"2021-22\":\"80.9\",\"2022-23\":\"79.7\"},\"Net Incurred Claims Ratio\":{\"2013-14\":\"110.4\",\"2014-15\":\"96.8\",\"2015-16\":\"93\",\"2016-17\":\"103.6\",\"2017-18\":\"98\",\"2018-19\":\"104.2\",\"2019-20\":\"90.6\",\"2020-21\":\"77.8\",\"2021-22\":\"81.9\",\"2022-23\":\"81.9\"}},\"Title\":\"Gross & Net Incurred Claims Ratio - Motor Third Party\",\"xTitle\":\"Year\",\"yTitle\":\"Loss Ratio (%)\",\"yAxisData\":{\"2013-14\":\"2013-14\",\"2014-15\":\"2014-15\",\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\"},\"colorCodes\":[\"#7030A0\",\" #BC00BC\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>Source<\/strong>: <\/em> <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.3<\/span>Rural vs Urban Premium - Motor TP<\/h3><div id=\"Chart_273\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        pie_chart(\"Chart_273\", {\"data\":{\"Rural Premium\":7481,\"Urban Premium\":41727},\"Title\":\"\",\"SeriesTitle\":\"Rural vs Urban Premium - Motor TP\",\"colorCodes\":[\"#F5A9FE\",\"#D766FA\"],\"dataLabelsFlag\":\"yes\"});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>Source<\/strong>: <\/em> <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n\n<style>\n.highcharts-container{\nheight: 420px !important;\n}\n<\/style>\n<div class=\"wp-block-columns has-2-columns\">\n\t<div class=\"wp-block-column\">\n\t\t<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.4<\/span>GDPI Breakup on Categories - Motor TP<\/h3><div id=\"Chart_292\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        basic_column_chart(\"Chart_292\", {\"orientation\":true,\"unit\":\"\",\"data\":{\"Categories\":{\"Motor 2W\":11.3,\"Motor 3W\":8.2,\"Motor 4W - Private\":23.2,\"Motor CV - Pass Carry\":11.3,\"Motor CV - Goods Carry\":42.2,\"Motor CV - Miscelleanous\":3.4,\"Motor CV - Others\":0.4}},\"Title\":\"GDPI Breakup on Categories - Motor TP\",\"xTitle\":\"\",\"yTitle\":\"% of Segment Premium\",\"yAxisData\":{\"Motor 2W\":\"Motor 2W\",\"Motor 3W\":\"Motor 3W\",\"Motor 4W - Private\":\"Motor 4W - Private\",\"Motor CV - Pass Carry\":\"Motor CV - Pass Carry\",\"Motor CV - Goods Carry\":\"Motor CV - Goods Carry\",\"Motor CV - Miscelleanous\":\"Motor CV - Miscelleanous\",\"Motor CV - Others\":\"Motor CV - Others\"},\"colorCodes\":[\"#D766FA\"]});\n                    });\n                <\/script>\n\t<\/div>\n\t<div class=\"wp-block-column\">\n\t\t<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.5<\/span>Policies Breakup on Categories - Motor TP<\/h3><div id=\"Chart_301\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        basic_column_chart(\"Chart_301\", {\"orientation\":true,\"unit\":\"\",\"data\":{\"Categories\":{\"Motor 2W\":56.6,\"Motor 3W\":5,\"Motor 4W - Private\":25.8,\"Motor CV - Pass Carry\":3.8,\"Motor CV - Goods Carry\":6.2,\"Motor CV - Miscelleanous\":2,\"Motor CV - Others\":0.6}},\"Title\":\"Policies Breakup on Categories - Motor TP\",\"xTitle\":\"\",\"yTitle\":\"% of Segment Policies\",\"yAxisData\":{\"Motor 2W\":\"Motor 2W\",\"Motor 3W\":\"Motor 3W\",\"Motor 4W - Private\":\"Motor 4W - Private\",\"Motor CV - Pass Carry\":\"Motor CV - Pass Carry\",\"Motor CV - Goods Carry\":\"Motor CV - Goods Carry\",\"Motor CV - Miscelleanous\":\"Motor CV - Miscelleanous\",\"Motor CV - Others\":\"Motor CV - Others\"},\"colorCodes\":[\"#D766FA\"]});\n                    });\n                <\/script>\n\t<\/div>\n<\/div>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>Source<\/strong>: <\/em> <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n\n<p><\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.6<\/span>Motor Third Party Claims<\/h3><div id=\"Chart_184\" class=\"chart-div\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        multiline_chart(\"Chart_184\", {\"unit\":\"\",\"data\":{\"Claims Handled\":{\"2013-14\":\"1519036\",\"2014-15\":\"1577693\",\"2015-16\":\"1578136\",\"2016-17\":\"1493861\",\"2017-18\":\"1362319\",\"2018-19\":\"1315936\",\"2019-20\":\"1344040\",\"2020-21\":\"1265267\",\"2021-22\":\"1376001\",\"2022-23\":\"1449535\"}},\"Title\":\"Motor Third Party Claims\",\"xTitle\":\"Year\",\"yTitle\":\"Number of Claims\",\"yAxisData\":{\"2013-14\":\"2013-14\",\"2014-15\":\"2014-15\",\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\"},\"colorCodes\":[\"#7030A0\"]});\n                    });\n                <\/script>\n\n\n\n<p><strong>Caveat:<\/strong> 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.<\/p>\n\n\n\n<p><em><strong>Source<\/strong>: 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.<br><strong>Note<\/strong>: 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.<\/em><\/p>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>Source<\/strong>: <\/em> <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-columns has-2-columns\">\n\t<div class=\"wp-block-column\">\n\t\t<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.7<\/span>Share of Incurred Claims - Motor TP (Amount)<\/h3><div id=\"Chart_306\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        basic_column_chart(\"Chart_306\", {\"orientation\":true,\"unit\":\"\",\"data\":{\"Categories\":{\"Motor 2W\":11.8,\"Motor 3W\":3.9,\"Motor 4W - Private\":15.5,\"Motor CV - Pass Carry\":10.8,\"Motor CV - Goods Carry\":18.7,\"Motor CV - Miscelleanous\":38.7,\"Motor CV - Others\":0.6}},\"Title\":\"Share of Incurred Claims - Motor TP (Amount)\",\"xTitle\":\"\",\"yTitle\":\"% of Segment Incurred Claims\",\"yAxisData\":{\"Motor 2W\":\"Motor 2W\",\"Motor 3W\":\"Motor 3W\",\"Motor 4W - Private\":\"Motor 4W - Private\",\"Motor CV - Pass Carry\":\"Motor CV - Pass Carry\",\"Motor CV - Goods Carry\":\"Motor CV - Goods Carry\",\"Motor CV - Miscelleanous\":\"Motor CV - Miscelleanous\",\"Motor CV - Others\":\"Motor CV - Others\"},\"colorCodes\":[\"#D766FA\"]});\n                    });\n                <\/script>\n\t<\/div>\n\t<div class=\"wp-block-column\">\n\t\t<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.8<\/span>Share of Incurred Claims - Motor TP (Number)<\/h3><div id=\"Chart_307\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        basic_column_chart(\"Chart_307\", {\"orientation\":true,\"unit\":\"\",\"data\":{\"Categories\":{\"Motor 2W\":24,\"Motor 3W\":7.6,\"Motor 4W - Private\":27.5,\"Motor CV - Pass Carry\":7,\"Motor CV - Goods Carry\":28.2,\"Motor CV - Miscelleanous\":5,\"Motor CV - Others\":0.7}},\"Title\":\"Share of Incurred Claims - Motor TP (Number)\",\"xTitle\":\"\",\"yTitle\":\"% of Segment Incurred Claims\",\"yAxisData\":{\"Motor 2W\":\"Motor 2W\",\"Motor 3W\":\"Motor 3W\",\"Motor 4W - Private\":\"Motor 4W - Private\",\"Motor CV - Pass Carry\":\"Motor CV - Pass Carry\",\"Motor CV - Goods Carry\":\"Motor CV - Goods Carry\",\"Motor CV - Miscelleanous\":\"Motor CV - Miscelleanous\",\"Motor CV - Others\":\"Motor CV - Others\"},\"colorCodes\":[\"#D766FA\"]});\n                    });\n                <\/script>\n\t<\/div>\n<\/div>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>Source<\/strong>: <\/em> <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n\n<p>From Charts 4.4.4 to 4.4.8 the following information is derived for the year 2022-23 in respect of Motor TP segment &#8211; Motor 2W segment contributes 11.30% of the total TP premium. However, it\u2019s share of Incurred claims (Amount) in TP is 11.80%.<\/p>\n\n\n\n<p><br>Motor private 4W segment contributes 23.20% of the Motor TP premium. However, it\u2019s share of overall incurred claims is 15.50%. The Motor Commercial Vehicle segment (passenger &amp; Goods carrying) contributes about 57.20% of the total TP premium. However, its share of incurred claims is 68.80%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Motor TP rates are administered by the IRDAI. The same is reviewed on a periodical basis. Source: Council Compilation&nbsp;as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":272,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/www.gicouncil.in\/yearbook\/2022-23\/wp-json\/wp\/v2\/pages\/1339"}],"collection":[{"href":"https:\/\/www.gicouncil.in\/yearbook\/2022-23\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.gicouncil.in\/yearbook\/2022-23\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.gicouncil.in\/yearbook\/2022-23\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gicouncil.in\/yearbook\/2022-23\/wp-json\/wp\/v2\/comments?post=1339"}],"version-history":[{"count":37,"href":"https:\/\/www.gicouncil.in\/yearbook\/2022-23\/wp-json\/wp\/v2\/pages\/1339\/revisions"}],"predecessor-version":[{"id":3830,"href":"https:\/\/www.gicouncil.in\/yearbook\/2022-23\/wp-json\/wp\/v2\/pages\/1339\/revisions\/3830"}],"up":[{"embeddable":true,"href":"https:\/\/www.gicouncil.in\/yearbook\/2022-23\/wp-json\/wp\/v2\/pages\/272"}],"wp:attachment":[{"href":"https:\/\/www.gicouncil.in\/yearbook\/2022-23\/wp-json\/wp\/v2\/media?parent=1339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}