{"id":1339,"date":"2019-10-29T07:09:39","date_gmt":"2019-10-29T07:09:39","guid":{"rendered":"https:\/\/www.gicouncil.in\/yearbook\/?page_id=1339"},"modified":"2025-02-04T16:05:40","modified_gmt":"2025-02-04T16:05:40","slug":"motor-third-party-tp","status":"publish","type":"page","link":"https:\/\/yearbook.websitestage.org\/?page_id=1339","title":{"rendered":"4.4 &#8211; Motor Third Party"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>The Motor TP rates were administered by the IRDAI. Now same is reviewed on a periodical basis by ministry of Road transport and highway<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-columns w-two-one\">\n\t<div class=\"wp-block-column_2\">\n\t\t<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.1<\/span>GDPI - Motor Third Party<\/h3><div id=\"Chart_182\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        column_chart(\"Chart_182\", {\"unit\":\"(\\u20b9 in Crores)\",\"data\":{\"GDPI\":{\"2014-15\":17615,\"2015-16\":21036,\"2016-17\":26573,\"2017-18\":32935,\"2018-19\":38046,\"2019-20\":42436,\"2020-21\":41746,\"2021-22\":43261,\"2022-23\":49208,\"2023-24\":54456}},\"Title\":\"GDPI - Motor Third Party\",\"xTitle\":\"Year\",\"yTitle\":\"\\u20b9 in Crores\",\"xAxisData\":{\"2014-15\":\"2014-15\",\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\"},\"colorCodes\":[\"#7e8ac5\"]});\n                    });\n                <\/script>\n\t<\/div>\n\t<div class=\"wp-block-column_1\">\n\t\t<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Table 4.4.1<\/span>Motor TP<\/h3><table width=\"100%\" class=\"\">    <tbody>        <tr>                    <td>                        2023-24                    <\/td>                    <td>                        Value                    <\/td>        <\/tr>        <tr>                    <td>                            No. Of TP Policies( Under Package)                    <\/td>                    <td>                            10,65,32,858                    <\/td>        <\/tr>        <tr>                    <td>                            No. Of Standalone TP Policies                    <\/td>                    <td>                            6,07,19,061                    <\/td>        <\/tr>        <tr>                    <td>                            GDPI \u00a0(in Cr)                    <\/td>                    <td>                            54,456                    <\/td>        <\/tr>        <tr>                    <td>                            No. Of Claims Reported                    <\/td>                    <td>                            4,63,394                    <\/td>        <\/tr>        <tr>                    <td>                            No. Of Paid Claims                    <\/td>                    <td>                            3,89,280                    <\/td>        <\/tr>        <tr>                    <td>                            Amt of Paid Claims  (in Cr)                    <\/td>                    <td>                            29,953                    <\/td>        <\/tr>    <\/tbody><\/table>\n                <span style=\"margin-left: 139px;font-size:13px\"> <i><\/i><\/span>\n\t<\/div>\n<\/div>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>Source<\/strong>: <\/em> <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.1a<\/span>Channelwise GDPI - Motor TP<\/h3><div id=\"Chart_340\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        pie_chart(\"Chart_340\", {\"data\":{\"Individual Agents\":19326,\"Corporate Agents-Bank\":894.4,\"Corporate Agents-Others\":3053.5,\"Brokers\":21140,\"Direct Business\":2158.5,\"Others\":6095},\"Title\":\"\",\"SeriesTitle\":\"Channelwise GDPI - Motor TP\",\"colorCodes\":[\"#7E8AC5\",\" #004BE2\",\"#003296\",\"#002060\",\"#BDD7EE\",\"#5358B5\\r\\n\"],\"dataLabelsFlag\":\"no\"});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>Source<\/strong>: <\/em> <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.2<\/span>Gross & Net Incurred Claims Ratio - Motor Third Party<\/h3><div id=\"Chart_183\" class=\"chart-div\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        multiline_chart(\"Chart_183\", {\"unit\":\"%\",\"data\":{\"Gross Incurred Claims Ratio\":{\"2014-15\":\"98.91\",\"2015-16\":\"87.68\",\"2016-17\":\"94.2\",\"2017-18\":\"96.47\",\"2018-19\":\"87.15\",\"2019-20\":\"81.61\",\"2020-21\":\"75.04\",\"2021-22\":\"80.9\",\"2022-23\":\"79.7\",\"2023-24\":\"77.9\"},\"Net Incurred Claims Ratio\":{\"2014-15\":\"96.79\",\"2015-16\":\"92.99\",\"2016-17\":\"103.6\",\"2017-18\":\"97.99\",\"2018-19\":\"104.2\",\"2019-20\":\"90.58\",\"2020-21\":\"77.79\",\"2021-22\":\"81.9\",\"2022-23\":\"81.9\",\"2023-24\":\"78.5\"}},\"Title\":\"Gross & Net Incurred Claims Ratio - Motor Third Party\",\"xTitle\":\"Year\",\"yTitle\":\"Loss Ratio (%)\",\"yAxisData\":{\"2014-15\":\"2014-15\",\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\"},\"colorCodes\":[\"#7e8ac5\",\" #002060\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>Source<\/strong>: <\/em> <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.3<\/span>Rural vs Urban Premium - Motor TP<\/h3><div id=\"Chart_273\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        pie_chart(\"Chart_273\", {\"data\":{\"Rural Premium\":9164,\"Urban Premium\":45291},\"Title\":\"\",\"SeriesTitle\":\"Rural vs Urban Premium - Motor TP\",\"colorCodes\":[\"#7e8ac5\",\"#0070c0\"],\"dataLabelsFlag\":\"yes\"});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>Source<\/strong>: <\/em> <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n\n<style>\n.highcharts-container {\n    height: 420px !important;\n}\n<\/style>\n\n<div class=\"wp-block-column\">\n    <h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.4<\/span>GDPI Breakup on Categories - Motor TP<\/h3><div id=\"Chart_292\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        basic_column_chart(\"Chart_292\", {\"orientation\":true,\"unit\":\"\",\"data\":{\"Categories\":{\"Motor 2W\":12.9,\"Motor 3W\":4,\"Motor 4W - Private\":23.3,\"Motor CV - Pass Carry\":14.8,\"Motor CV - Goods Carry\":40.8,\"Motor CV - Others\":4.2}},\"Title\":\"GDPI Breakup on Categories - Motor TP\",\"xTitle\":\"\",\"yTitle\":\"% of Segment Premium\",\"yAxisData\":{\"Motor 2W\":\"Motor 2W\",\"Motor 3W\":\"Motor 3W\",\"Motor 4W - Private\":\"Motor 4W - Private\",\"Motor CV - Pass Carry\":\"Motor CV - Pass Carry\",\"Motor CV - Goods Carry\":\"Motor CV - Goods Carry\",\"Motor CV - Others\":\"Motor CV - Others\"},\"colorCodes\":[\"#7e8ac5\"]});\n                    });\n                <\/script>\n<\/div>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>Source<\/strong>: <\/em> <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n\n<p><\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 4.4.6<\/span>Motor Third Party Claims<\/h3><div id=\"Chart_184\" class=\"chart-div\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        multiline_chart(\"Chart_184\", {\"unit\":\"\",\"data\":{\"Claims Handled\":{\"2014-15\":\"1577693\",\"2015-16\":\"1578136\",\"2016-17\":\"1493861\",\"2017-18\":\"1362319\",\"2018-19\":\"1315936\",\"2019-20\":\"1344040\",\"2020-21\":\"1265267\",\"2021-22\":\"1376001\",\"2022-23\":\"1449535\",\"2023-24\":\"1509011\"}},\"Title\":\"Motor Third Party Claims\",\"xTitle\":\"Year\",\"yTitle\":\"Number of Claims\",\"yAxisData\":{\"2014-15\":\"2014-15\",\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\"},\"colorCodes\":[\"#7e8ac5\"]});\n                    });\n                <\/script>\n\n\n\n<p><strong>Caveat:<\/strong> The above ratio represents only the Incurred Claims of Motor TP Insurance portfolio as a percentage of TP Premium accounted during the Financial years. Motor TP portfolio is long tail in nature. TP Liability Claim pertaining to TP policies issued during a Financial year gets reported 4-5 years after the expiry of the Financial Year.<\/p>\n\n\n\n<p><em><strong>Source<\/strong>: Form no VI of Forms I-X for the year 2013-2014 onwards and IIB summary Reports for earlier years. Gross Incurred Claims from Council Compilation.<br><strong>Note<\/strong>: Lag in claims reporting and subsequent payment of claims in a year is characteristic of Motor TP Policies, hence the above chart may be viewed with such understanding.<\/em><\/p>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>Source<\/strong>: <\/em> <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n\n<p><strong>From Charts 4.4.4 &amp; 4.4.5 the following information is derived for the year 2023-24 in respect of Motor TP segment.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Motor 2W segment accounts for 12.90% of the total Third-Party (TP) premium<\/li>\n\n\n\n<li>The Motor private 4W segment contributes 23.3% of the Motor TP premium<\/li>\n\n\n\n<li>The Motor commercial vehicle segment (including both passenger and goods carriers) makes up 55.4% of the total TP premium<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-right\"><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Motor TP rates were administered by the IRDAI. Now same is reviewed on a periodical basis by ministry of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":272,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/pages\/1339"}],"collection":[{"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1339"}],"version-history":[{"count":46,"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/pages\/1339\/revisions"}],"predecessor-version":[{"id":4181,"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/pages\/1339\/revisions\/4181"}],"up":[{"embeddable":true,"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/pages\/272"}],"wp:attachment":[{"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}