Raman N and Gaytri (2004)9 stated that the premium rates are the key parameters to select a particulars insurance company for investing and for majoring of the respondents friends and relatives have been the major source of awareness about new insurance companies. Objectives of the study To evaluate motor insurance policies of ICICI Lombard. To identify the problems and prospects of motor insurance in India. These papers highlight Own Damage (OD) Third Party (TP) claims settlement of ICICI Lombard from 2004 to 2013. Own Damage: Own Damage means Insurer shall be bound to indemnify the insured against loss or damage to motor car or to its accessories and touring charges and immediate repairs if settled between the parties. Party: Third party means any party other than owner/driver or the government, any liability occurring towards third party due to use of motor vehicle is third party liability. Claims: A formal request to an insurance company asking for a payment based on the terms of the insurance policy. Insurance claims are reviewed by the company for their validity and then paid out to the insured or requesting party (on behalf of the insured) once approved. Methodology: This paper prepared mainly based on secondary data. It is has been collected from ICICI Lombard Annual reports, IRDA, GIC, News Papers and websites. Period of the The period of the study is from 2007-2014. Limitation: This study the study is going to focus on ICICI Lombard, though, there are many contemporaries and this study does not cover the opinions of company policy holders on Own Damage (O.D) Third Party Damage (TP) claims settlement. Scope of the study: this paper has been prepared based on secondary data covering entire India figures from 2007-2014. Hence, this paper highlights the claims settlement under Motor Insurance only. Table-1
Raman N and Gaytri (2004)9 stated that the premium rates are the key parameters to select a particulars insurance company for investing and for majoring of the respondents friends and relatives have been the major source of awareness about new insurance companies. Objectives of the study To evaluate motor insurance policies of ICICI Lombard. To identify the problems and prospects of motor insurance in India. These papers highlight Own Damage (OD) Third Party (TP) claims settlement of ICICI Lombard from 2004 to 2013. Own Damage: Own Damage means Insurer shall be bound to indemnify the insured against loss or damage to motor car or to its accessories and touring charges and immediate repairs if settled between the parties. Party: Third party means any party other than owner/driver or the government, any liability occurring towards third party due to use of motor vehicle is third party liability. Claims: A formal request to an insurance company asking for a payment based on the terms of the insurance policy. Insurance claims are reviewed by the company for their validity and then paid out to the insured or requesting party (on behalf of the insured) once approved. Methodology: This paper prepared mainly based on secondary data. It is has been collected from ICICI Lombard Annual reports, IRDA, GIC, News Papers and websites. Period of the The period of the study is from 2007-2014. Limitation: This study the study is going to focus on ICICI Lombard, though, there are many contemporaries and this study does not cover the opinions of company policy holders on Own Damage (O.D) Third Party Damage (TP) claims settlement. Scope of the study: this paper has been prepared based on secondary data covering entire India figures from 2007-2014. Hence, this paper highlights the claims settlement under Motor Insurance only. Table-1
MOTOR_INSURANCE_CLAIMS_IN_INDIA.docx