General insurers are waiting for broad guidelines either from the government or the regulator on how to implement the Supreme Court order on linking renewal of motor insurance policies with pollution certificate.
In a bid to curb pollution, the Supreme Court had last week issued a directive that insurance of a vehicle would not be renewed unless the owner provides pollution under control (PUC) certificate.
"We are waiting for guidelines which may come either from the government or the Irdai on linking of motor insurance renewal with PUC certificate," Sanjay Data, chief for claims and underwriting at ICICI Lombard General Insurance, told reporters today.
He was speaking on the sidelines of launch of 'Insta Spect', a live video inspection feature under which motor insurance claims up to Rs 50,000 (rpt Rs 50,000) can be settled immediately.
On the discussion paper issued by the Irdai recently on the use of telematics for car insurance, he said now the insurers will be able to give cross subsidy to policyholders of car insurance which was not there earlier.
Talking about the April-June quarter performance of the company, Datta said ICICI Lombard has seen 14 per cent growth in total premium and its combined ratio stood at 102 per cent in the period.
On the IPO, he said they are awaiting approval from the capital market regulator Sebi.
He said the company is looking at keeping the motor insurance portfolio in the range of 40-45 per cent by the fiscal end too. Currently, the segment comprises 40 per cent of the total premium.