Householder insurance policy premiums drop 35-50%

Premium de-tariffing means that premiums for new customers availing householder's insurance policies have gone down by 35 to 50 percent. The detariffed regime started in January this year. The four public sector insurers account for over one-third of the market. Growing competition means that they have had to halve premiums for customers with good claims records in their sector, work hard at retaining existing customers, plus attract new ones.

Many private insurers are only able to offer 10% to 15% cuts on existing premium rates.

As stated by the Economic Times V Ramasaamy, chairman and managing director of National Insurance, India's second largest general insurance company said that "The discount on a householder's insurance policy is more than 35 per cent."