Insurance companies reduce losses Also Read - IRDAI Relaxes Burden on Policyholders For Renewal Payments Amid COVID-19 Lockdown

The general insurance industry has recorded a 23 per cent growth during the first quarter, thanks mostly to the increase in third-party insurance premiums for automobiles – click here to know more.  Also Read - Depositors Will Get Only Rs 1 lakh as Insurance Cover, Not Entire Money, When Banks Liquidate: DICGC

The Insurance Regulatory and Development Authority had allowed insurance companies to hike third party cover premiums by ten per cent for passenger cars, and by 65 per cent to commercial vehicles. This has made third-party insurance collections rise by an incredible 39 per cent. This doesn't pull the insurers into the black, but at least the losses they incur aren't as much as before. Motor insurance is currently the largest non-life insurance segment with 60 per cent market share of the non-life segment.  Also Read - ‘Govt Planning to Increase Insurance Limit on Banks Deposits,’ Says Finance Minister Nirmala Sitharaman

If insurance is more puzzling than a Rubik's cube, we've got the answer in our guide to auto insurance