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Vehicle owners will, in a pilot programme, receive messages from the Transport Department if their vehicles lack third party liability insurance or the policy has expired. The pilot will operates in some states including Karnataka, Bihar, Odisha, Andhra Pradesh and Delhi.

The Insurance Information Bureau has details of all insured vehicles whereas the central government’s Vahan database has details of all registered vehicles. The transport departments in each state can easily find out which vehicle is uninsured by matching the the data from these two sources. The messages are then sent to the mobile numbers linked to the vehicle registration number.

The pilot programme is being done in conjunction with the Indian insurance regulator IRDAI with the aim to increase compliance of the local law that mandates that each vehicle should compulsorily have third party liability.

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Fire insurance premiums have been increased by 10-50% for most types of businesses for 291 business segments since 1 January. The revision comes after GIC Re hiked reinsurance rates. When GIC Re hikes reinsurance rates, insurers which take risk cover from the former pass the increase on to their customers.

In 2019, 36 segments in eight industries were mandated to be charged market rates based on past claims experiences. This year, almost all of India Inc has been included in the premium increases and discounting is barred.

Discounting has been a common practice in classes of insurance like fire insurance, where despite higher claims in the previous year, lower premiums are charged. While this helps the incumbent insurer to retain corporate clients, hits their profitability.

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Indian insurers are under pressure in the wake of recent events involving US and Iran, with reinsurers turning wary and increasing premiums on coverage for crude oil shipments to India. Indian insurers largely depend on European companies to reinsure their risks.

However, amid the current tensions, a majority have hiked premiums and have also refused complete coverage. Though insurers too see the need to increase their charges, their customers, which are oil importers, are resisting the move.

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