The Transport department will take up with the General Insurance Council (GIC) and the Insurance Regulatory and Development Authority (IRDA) the need to reduce insurance premium for vehicles that were not penalised for traffic rule violations or were not involved in accidents, and to increase the premium for others since there is a discernible fall in the number of accidents and fatalities after Artificial Intelligence-enabled cameras began functioning in Kerala in June, Transport Commissioner S. Sreejith has said.
He was referring to road accident and casualty figures showing a marked decline in June and July 2023, vis-a-vis the two months in 2022. The number of accidents in June 2023 fell to 3,480 from 3,495 in June 2023, while fatalities saw a steeper decline to 281 as compared to 337 in June 2023. Similarly, accidents fell to 2,457 in July 2023 from 3,496 in July 2022 and fatalities from 341 to 218 during the period.
“We hope to negotiate with insurance stakeholders by highlighting this decline in accidents and fatalities that will lessen the claim amount by approximately ₹100 crore, benefiting insurance companies. Such a carrot-and-stick policy will incentivise vehicle owners who adhere to safety norms, while penalising others. A decision in this regard will be taken jointly by the GIC and the Transport department,” Mr. Sreejith told The Hindu on the sidelines of a road safety awareness programme that he inaugurated on Saturday at Little Hearts School, North Paravur.
The number of fatalities can be further reduced if insurance firms invested in augmenting infrastructure for trauma care during the ‘golden hour’ (the first hour after the accident). In addition, efforts are on to disallow renewal of vehicle insurances that were used for hardcore crimes, he added.
The State government had entrusted the officer with the task of holding negotiations in this regard with insurance stakeholders.
