Third party motor insurance premium increase by 17% in Tamil Nadu

Motor third-party insurance premium in Tamil Nadu increased by 17% year-over-year to Rs.2,014 crore in 2015 and insurers expect 2016 to also see a similar growth given the state's burgeoning economy.

Jul 22, 2016 07:07 IST India Infoline News Service

Car insurance
Motor third-party insurance premium in Tamil Nadu increased by 17% year-over-year to Rs.2,014 crore in 2015 and insurers expect 2016 to also see a similar growth given the state's burgeoning economy, reports a daily newspaper. Vehicle insurance forms more than 43% of the state's total income from insurance and insurers say it is to be expected given Chennai's position as the 'Detroit of South Asia.'

When it came to motor owned-damage (OD) rates there was a slight dip of 1.6% to Rs.1,566.09 crore in 2015 from the previous year.

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