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ICICI Securities Report
Based on the consultation with Insurance Regulatory and Development Authority of India and with the approval of competent authority, a draft notification has been prepared for premium of motor thire party premium rates applicable for FY23. Increase in the long term rates have been strong compared to short term (one year) rates.
The multiplier (long term rate/one-year rate) for two/four-wheeler is now more than five and three respectively. This is noteworthy as it is a systemic acknowledgement of the claim inflation.
We are positive on ICICI Lombard General Insurance Company Ltd. basis the expected cyclical revival of non-life insurance space; hike in motor TP is one of the levers of the same.
Some of the additional levers include gradual recovery in motor sales (supply side factors) and expectation of higher growth in health premiums (organic distribution and digital efforts aided by low base).
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