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