The Motor TP rates were administered by the IRDAI. Now same is reviewed on a periodical basis by ministry of Road transport and highway
Chart 4.4.1GDPI - Motor Third Party
Table 4.4.1Motor TP
| 2023-24 | Value |
| No. Of TP Policies( Under Package) | 10,65,32,858 |
| No. Of Standalone TP Policies | 6,07,19,061 |
| GDPI (in Cr) | 54,456 |
| No. Of Claims Reported | 4,63,394 |
| No. Of Paid Claims | 3,89,280 |
| Amt of Paid Claims (in Cr) | 29,953 |
Source: Council Compilation as per source
data submitted by companies
Chart 4.4.1aChannelwise GDPI - Motor TP
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
Source: Council Compilation as per source
data submitted by companies
Chart 4.4.4GDPI Breakup on Categories - Motor TP
Source: Council Compilation as per source
data submitted by companies
Chart 4.4.6Motor 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
From Charts 4.4.4 & 4.4.5 the following information is derived for the year 2023-24 in respect of Motor TP segment.
- The Motor 2W segment accounts for 12.90% of the total Third-Party (TP) premium
- The Motor private 4W segment contributes 23.3% of the Motor TP premium
- The Motor commercial vehicle segment (including both passenger and goods carriers) makes up 55.4% of the total TP premium