Changing Trends in Commercial Vehicles Insurance in India
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Case Details:
Case Code : INS005
Case Length : 03 Pages
Period : 2003
Pub Date : 2003
Teaching Note : Available
Organization : Varied
Industry : Insurance
Countries : India
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Swami Dorai, the owner of a transport company was giving instructions to one of
his truck drivers in the wake of new guidelines for insuring commercial
vehicles.
"Drive carefully, complete this trip without any major repairs," he said.
His truck driver asked him the reason for the emphasis on repairs.
"Following a burgeoning loss ratio, the state-run general insurance
companies are no longer going to provide comprehensive insurance cover to
commercial vehicles (CVs) over seven years old," replied Dorai.
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Insurance companies issued a circular directing
branch and divisional offices to stop accepting comprehensive insurance
policies for vehicles over seven years old from 2002. According to the
circular, commercial vehicles over seven years old will be insured only
for third-party liability. Comprehensive insurance policy covers
third-party liability as well as damages suffered to vehicles. The
insurance cost for motor vehicles was perceived to be too high. Dorai
went to meet Krishna Reddy, the divisional manager of National Insurance
Company which had insured all his vehicles, to talk about the issue... |
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