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Non-life insurance companies in India are linking the premium rates for fire insurance policies to the claims record, doubling the insurance price for those with reported claims of more than three times the premium paid. This linkage will enable companies to offer discounts to customers with good track record, as claims in property insurance are less frequent.
Industry experts are of the opinion that it is due to the IRDAI’s directive to not to treat the premium rates published by the insurance information bureau as minimum rates.