Sources say that the government is angry over the premium hike and increasing claim rejections. The government believes that uniform premium hike across the country is wrong. Keeping this in mind, the Finance Ministry has asked IRDAI to take action against the guilty companies. Along with taking action against these companies, instructions have also been given to impose penalty.
The insurance regulator has cracked down on the steep hike in health insurance premiums. According to sources, the government has instructed IRDAI to impose penalties and take strict action against arbitrary insurance companies. Giving more details on this, CNBC-Awaaz’s Alok Priyadarshi said that soon the insurance companies will be reined in. According to information received from sources, IRDAI will take strict action against the arbitrariness of health insurance companies.
Sources say that the government is angry over the premium hike and increasing claim rejections. The government believes that a uniform premium hike across the country is wrong. Keeping this in mind, the Finance Ministry has asked IRDAI to take action against the guilty companies.
Along with taking action against these companies, instructions have also been given to impose penalties. Last week, the Finance Ministry held a review meeting with the companies. Complaints have been received on a large scale against private insurance companies. Both premium hike and claim rejection have increased by more than 30 percent.
Third party motor premium may increase in FY 2026
On the other hand, according to information received by CNBC-TV18 from sources, third party motor premium may increase in FY 2026. The Road Ministry is considering increasing the premium. IRDAI has recommended increasing the premium. The Road Ministry can take a decision on this issue in 2-3 weeks. Motor TP premium has not increased for 4 years. IRDAI has demanded an average increase of 18 percent in premium. The draft will be issued after the approval of the ministry.
