Industry

Two-wheeler insurance premium hike to further dent recovery process: TVS Motor Company CEO

K.N. Radhakrishnan, Director & Chief Executive Officer, TVS Motor Company Limited

K.N. Radhakrishnan, Director & Chief Executive Officer, TVS Motor Company Limited | Photo Credit: Special Arrangement

The recent hike in third party insurance for two-wheeler from June 1, will further dent the efforts of the industry to recover itself from this challenging market situation, said a top official of TVS Motor Company.

The company director and CEO, K.N. Radhakrishnan in a statement said the automobile industry was impacted by a series of headwinds, leading to a steady increase in two-wheeler prices.

In addition to the pandemic woes, the ongoing shortage of semi-conductor chip, high raw material cost, and increasing fuel prices, have impacted demand.

While asserting that the recent hike of ₹2,200 per vehicle in third party insurance cost would further dent the efforts of the industry to recover itself from the challenging market situation, he said a strong domestic industry is the basis of global competitiveness and every effort must be made to have a vibrant local market.


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Printable version | Sep 14, 2022 4:32:12 am | https://www.thehindu.com/business/Industry/two-wheeler-insurance-premium-hike-to-further-dent-recovery-process-tvs-motor-company-ceo/article65476350.ece