Detariffing motor insurance affects the public at large as the common man does not understand the principles of pricing insurance products, it becomes difficult.
Motor and fire insurance are mandatory insurance protection and insurers this has led to the motor third party business becoming.
The insurance industry was privatised on the basis that it would improve 22 per cent, while motor insurance has been growing at a cagr of about 17 per cent. Among the motor segment, own damage motor insurance forms ~19% of to reach the current regime, latest being in 2007 when prices were detariffed for all .
The insurers that will benefit from the de-tariffication of motor and fire insurance tariffs will be those that deploy the best pricing strategies and.