General insurers to see higher motor TP sales after Irdai's rate revision

Motor vehicle owners, of the affordable variety, are going to pay lower premiums on their third-party (TP) liability once the Insurance Regulatory and Development Authority of India’s (Irdai’s) latest proposal translates into revised rates from general insurers.
 
General insurers, in all likelihood, will register higher sales figures in the product category. However, their costs for servicing of customers and their claims will rise.
 
For private cars whose engine capacity does not exceed 1,000cc, the regulator has proposed to decrease the premium to Rs 1,850 for 2018-19, from Rs 2,055 in 2017-18.
 
Two-wheeler premiums below 75cc will be