GST Cut Makes Vehicle Insurance More Affordable | Shashi Kant Dahuja Of Shriram General Insurance #ETNOW
GST Cut Makes Vehicle Insurance More Affordable | Shashi Kant Dahuja Of Shriram General Insurance
Shashi Kant Dahuja, Executive Director at Shriram General Insurance, said the recent GST cut on vehicles from 28% to 18% has made insurance significantly more affordable for new buyers. The move has led to an overall 10% drop in car insurance premiums, with customers gaining more than 10% total benefit, including lower vehicle costs. While this may slightly impact own-damage (OD) loss ratios for insurers, theft claims will benefit companies as payouts are linked to lower IDV values. Dahuja noted that accident claim ratios remain unaffected. However, he warned that reinsurance costs are likely to rise due to frequent floods, cloudbursts, and other weather-related disasters, particularly in states like Uttarakhand, Himachal Pradesh, and Jammu & Kashmir
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