MORTH RELEASES DRAFT NOTIFICATION PROPOSING THIRD PARTY MOTOR INSURANCE RATES FOR FY24
News: Ministry of Road Transport and Highways (MoRTH) in its draft notification dated 15th June 2023 has notified third party insurance rates for FY24 which are to be applicable post 30 days of this notification.
Views: There is no change in third part motor insurance rates for FY24 over FY23 (which had already witnessed a significant increase) and hence is a neutral development for the domestic automobile sector. Post healthy double digit growth witnessed across all segments in FY23, we expect growth to largely taper for domestic automobile Industry in FY24E.
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