Union Minister Nitin Gadkari has exhorted insurance companies to shun “hypocrisy”, asking them to focus on road safety initiatives and not just keep thriving on hefty premiums. “I am unhappy with insurance companies….they charge hefty premiums but make no contribution to road safety …Automobile manufactures have huge profit margins…I don’t buy this hypocrisy,” the minister said at an event.
Insurance companies all over the world whether in the US, UK or Europe, contribute significantly towards road safety programme but their approach in India is callous, the minister said.
If there are less accidents, the biggest beneficiaries will be insurers but they don’t contribute in this area which is not good, he said adding the ministry had approached insurers to join hands in this regard but they failed to even respond. Read More