IRDAI Rate Revision — General Insurance: Previous vs Revised Rates (Dec 15, 2023)
On 15 December 2023, IRDAI updated minimum premium rates for general insurance — including Property (Fire), STFI/Earthquake, and Engineering policies. These rates act as minimum thresholds; insurers may load premiums based on risk exposure and claims history.
STFI rates for Property (Fire, Fire LOP, BG Package & IAR) — Previous vs Revised
Rates shown are per mille (per 1,000 insured value).
| Occupancy | Previous Rate | Revised Rate |
|---|---|---|
| Dwellings other than Co-op Housing | 0.075 | 0.075 |
| Co-op Housing, Hotels, Shops | 0.180 | 0.220 |
| Industrial incl utilities outside manufacturing | 0.310 | 0.370 |
| Standalone Storage (Godown) | 0.430 | 0.520 |
| Standalone Storage (Open) | 1.870 | 2.250 |
| Roads/Bridges/Pipelines/Railway/Cellular Networks | 0.430 | 0.520 |
Earthquake (EQ) Rates — Zones I to IV
| Occupancy/Class | Zone IV | Zone III | Zone II | Zone I |
|---|---|---|---|---|
| Dwellings | 0.05 | 0.05 | 0.05 | 0.05 |
| Non-Industrial: Co-op, Hotels, Shops | 0.05 | 0.10 | 0.15 | 0.25 |
| Industrial & Storage outside manufacturing | 0.05 | 0.10 | 0.25 | 0.50 |
Engineering Policies — STFI & EAR
| Cover | Zone / All | Rate (per mille) |
|---|---|---|
| STFI (Storm, Tempest, Flood, Inundation) | All | 0.3 per mille per annum (0.03%) |
| Earthquake — EAR/CAR/CPM/EEI | Zone IV | 0.05 |
| Zone III | 0.10 | |
| Zone II | 0.25 | |
| Zone I | 0.50 |
STFI charged pro-rata for policy durations & deletions of STFI/EQ under project policies are not permitted.
Disclaimer
The information is for general purposes only and reflects minimum rates as of 15 Dec 2023. Always confirm rates and policy terms with your insurer before purchasing or renewing cover.
Contact for premium check Contact Us
Posts
0 Comments