A directive of the Insurance Regulatory and Development Authority to steeply increase third party insurance premium for vehicles from April 1 has come in for criticism.
The hike in the premium will affect the transport sector that is already under a crisis due to the frequent hike in the price of diesel, general secretary of the All India Road Transport Workers Federation K.K. Divakaran said. The hike would only help private insurance companies and result in the increase in freight charges and cost of travelling, he said.
The Confederation of Transport Workers-Kerala has also come out against the decision to hike the insurance premium. General secretary P. Nandakumar said it would affect the motor workers and their families and result in the increase in price of essential commodities.