IRDAI Enhances Motor Insurance Claim Regulations

The Insurance Regulatory and Development Authority of India (IRDAI) has introduced new regulations in 2024 to improve the motor insurance claim settlement process and protect policyholders. These regulations mandate insurers to establish board-approved policies, ensure transparent assessments, and complete time-bound settlements. As a result, motor insurance complaints have decreased from 26.18% in FY 2023-24 to 24.8% in FY 2024-25. IRDAI emphasizes the use of AI-driven assessments for minor claims and monitors surveyor performances, issuing suspensions or advisories whenever necessary. These measures are part of ongoing efforts to reduce grievance rates and enhance customer satisfaction in the motor insurance sector.

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