MOTOR POOL CONSIDERED FOR UNDESIRABLE CUSTOMERS IN INDIA

General insurers in India are in discussions about launching a motor pool for commercial and passenger vehicle customers who no insurer wants on its books, New India Assurance managing director M Chakrabati confirmed yesterday. Speaking as New India revealed that its claims ratio in the third-party motor sector last year was 181%, Mr Chakrabati said that General Insurance Corp (GIC) would control the motor pool, with premiums and claims being shared by the 12 participating non-life insurers that sell motor cover in India. GIC would charge a management fee for administering the pool, although talks about the fine print were still taking place with transport associations.