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The Insurance Regulatory and Development Authority of India (IRDAI) has launched an awareness campaign on third-party motor insurance, jointly with the Cyberabad Police.
Fifty-five per cent of the vehicles plying on the roads in the country does not have the mandatory third-party motor insurance, said R Raghavan, Chief Executive Officer, Insurance Information Bureau (IIB), an arm of the insurance regulator, at the launch of the campaign here on Wednesday. In terms of numbers, this translates into seven crore vehicles.
“India ranks among the top five countries in the world in the number of accidents, which makes insurance vital. Today is just a beginning. We will roll out a national campaign soon,” he added.
Lack of third-party insurance will not only lead to severe social security perils for victims but also losses to the insurers, he added. “Cyberabad has been chosen as the first place for launch in view of the proactive approach and high technology adoption of the police here,” Raghavan said.
Cyberabad Police Commissioner, CV Anand, formally launched the campaign which will involve ‘enactment, enforcement and enablement’ of motor insurance.
The data on uninsured vehicles compiled by the IIB has been matched with the transport department’s information and the final list has been shared with the police who will initiate action on the vehicle owners. Spot insurance facility will also be offered during May 1-15 in kiosks set up by insurance companies in select locations as part of the initiative.
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