Building Profitability in Auto Insurance

To read more on Automobile Liability you can visit following link
 http://www.insuranceinstituteofindia.com/InsuranceInst/Publication/Uploads/Journal-July-Dec-03/9-Vinay%20Verma.pdf
This S K Desai (Insurance Institute of India) prize winning article 'Building Profitability in Auto Insurance' was written in 2003 and thereafter many important judgments of Apex Court have been pronounced eg SARLA VERMA Vs DTC Case. The Supreme Court of India observed in this landmark case that there is significant divergence among Tribunals in determining the quntum of compensation on similar facts. To have JUST COMPENSATION which is adequate, fair and equitable, the Apex Court decided on Multiplier, Future Prospects and deduction for Personal expenses. Despite observation of this court,about the multiplier, in Susama Thomas and Trilokchand vs UP State Roadways, the Tribunals and High Courts were pronouncing different awards.

You can follow following blog on Sarla Verma Vs DTC(2009) IN SC 756 (15 April 2009) at given link:

http://www.swamilawyer.com/2010/06/sarla-verma-ors-v-delhi-transport-corp.html  or at

http://www.judicialcompetitiontimes.com/PrintJudgement.aspx?JudgementId=160


To update the article in above link we must obseve the latest pronouncements made by Apex Court  and the important judgments for such a study may be Sarla Verma Vs DTC case,  Rajkumar Vs Ajaykumar and others, Arun Agarwal Vs National Insurance, Indra Devi Vs Bagada Ram, Ravi Vs Badrinarayan, Anjana Shyam vs National.

There is an important development in Delhi where a new Claim Tribunal Agreed Procedure is being tested by the Tribunals and in this procedure the role of police and insurance companies is defined and practiced. DAR (Detailed Accident Report) by Police Authorities and Insurance Companies going to the courts with agreed amount of liability are special features of this agreed procedure.

Another development is of the new settlement procedure based of Sh Ajit Pasayach's scheme to settle injury cases. The GIPSA monitored scheme through Flag Public Sector Company is expected to work first in selected areas on pilot basis and will be reviewed thereafter on its experience in these areas.

There is another link that you can visit
 http://www.bimabazaar.com/index.php?option=com_content&view=article&id=98:third-party-insurance-is-pre-requisite-to-motoring-on-indian-roads&catid=44:motor-insurance&Itemid=70
to read an article Third Party Insurance is Pre-Requisite to Motoring on Indian Roads reviewed by Bima Bazar (A Publication of Insurance Times)(User Rating: Best).

TO READ AN ARTICLE OF THE WRITER ON INSURANCE BROKING IN INDIA PLEASE GO TO THE LINK OF INSURANCE INSTITUTE OF INDIA AT PAGE 106
http://www.insuranceinstituteofindia.com/InsuranceInst/Publication/Uploads/Journal-July-Dec-04/Journal-July-Dec-04.pdf