Families of Road Crash Victims Needs to Be Aware of Insurance Claims
Analysis of traffic crashes in India has revealed that only around half of country's road deaths in FY'16 resulted in insurance claims. There were around 146,000 road fatalities in India during this period. The problem has been revealed by India's Supreme Court.
ere are suggestions that the families of many of the road death victims do not know that they are entitled to compensation.
The Supreme Court pointed out that four public sector general insurers - New India Assurance, National Insurance, Oriental Insurance and United India Insurance - hold around 90% of country's business and collected over $3.17 billion in premiums while only paid just over half of this towards claims for crashes. Of these, 24% of the claims were for fatal crashes.
India's road safety record has come into focus as between 2013 and 2015 the rate of road deaths rose by 6%. However, the number of insurance claims declined by 15% for the same period and payments to the families of the victims dropped by 10%. The Supreme Court is pushing the government to take action and heighten awareness amongst families of their rights in regard to insurance claims following vehicle crashes
VINAY