Insurance industry feels ‘motor insurance premium hike is too low to cover losses’

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The insurance regulator IRDA has increased the motor premium rates by an average of 20 per cent effective next April 1. However, these rates are way below the hike proposed in the exposure draft floated in February. 

The increased rates are a step in the right direction from the point of view of the insurance industry as this is a loss-making proposition currently…. 

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