Motor Third-Party Liability Insurance
Motor Third Party Liability Insurance (MTPL) ensures that damage to third party health and property caused by an accident for which driver and/or owner of the car were responsible is covered. A policy may be taken out by the owner of a vehicle or b...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/934881468163480768/Motor-third-party-liability-insurance http://hdl.handle.net/10986/27732 |
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okr-10986-27732 |
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| recordtype |
oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTING ACCRUAL ACCOUNTING ADMINISTRATION OF JUSTICE AGRICULTURAL INSURANCE BAILOUT BALANCE SHEET BANKRUPTCIES BENEFICIARIES BODILY INJURY BROKER CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS DEVELOPMENT CAPITALIZATION CASH FLOW CASUALTY INSURANCE CLAIMANT CLAIMANTS CLAIMS PROCESSING COMMISSIONS COMMUNITY INVESTMENT COMPENSATION COMPENSATION CLAIMS COMPENSATION FUND COMPETITIVE MARKET COMPULSORY INSURANCE CONSUMER PROTECTION CONSUMERS COST OF INSURANCE COVERAGE CURRENCY DEREGULATION DEVELOPING COUNTRIES DEVELOPING ECONOMIES EXPENDITURE EXPENDITURES EXPOSURE EXPOSURES FACULTATIVE REINSURANCE FINANCIAL HEALTH FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL PERFORMANCE FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STRUCTURE FLOW OF INFORMATION FRAUD GENERAL INSURANCE GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOVERNMENT REGULATION GROSS NATIONAL PRODUCT GUARANTEE FUND HEALTH INSURANCE HOUSING FINANCE INCOME INFLATION INFLATIONARY PRESSURES INFORMATION SERVICE INFORMATION TECHNOLOGY INSOLVENCY INSOLVENT INSURER INSPECTIONS INSURANCE ACTIVITY INSURANCE AGENTS INSURANCE CLAIM INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CONTRACT INSURANCE CONTRACTS INSURANCE COSTS INSURANCE COVERAGE INSURANCE FUND INSURANCE GUARANTEE INSURANCE GUARANTEE FUNDS INSURANCE INDUSTRY INSURANCE MARKET INSURANCE MARKETS INSURANCE PREMIUMS INSURANCE PRODUCTS INSURANCE REGULATION INSURANCE RISKS INSURANCES INSURER INTERNATIONAL BANK ISSUANCE LAWS LEGAL FRAMEWORK LEVY LIABILITY LIABILITY INSURANCE LIBERALIZATION LIFE INSURERS LOSS RATIO MARKET DEVELOPMENT MARKET FORCES MARKET INEFFICIENCIES MARKET PRACTICES MARKET PRICE MARKET PRICES MARKET PRICING MARKET SHARE MATURE MARKETS MICROINSURANCE MIDDLE-INCOME COUNTRIES MONOPOLIES MONOPOLY MORAL HAZARD MOTOR INSURANCE MOTOR THIRD PARTY LIABILITY INSURANCE NON-LIFE INSURANCE PENSION PERSONAL LIABILITY POLICYHOLDERS POLITICAL ECONOMY PORTFOLIO PREMIUMS PRICE SENSITIVITY PRIVACY PRIVATE PENSION PRIVATE SECTOR DEVELOPMENT PROFIT MARGIN PROGRAMS PROTECTION INSURANCE PROTECTION OF POLICYHOLDERS PRUDENTIAL SUPERVISION PUBLIC POLICY QUOTA SHARE REINSURANCE RATES REGULATOR REGULATORS REGULATORY AUTHORITY REINSURANCE REINSURANCE ARRANGEMENTS REINSURANCE REQUIREMENTS REINSURERS RESERVES RISK INSURANCE RISK MANAGEMENT RISK PREMIUM RISK TRANSFER RISK UNDERWRITING SAFETY NET SAVINGS SETTLEMENT SOLVENCY SOLVENCY REQUIREMENTS STATE GUARANTEE SUPERVISORY AUTHORITIES SUPERVISORY AUTHORITY TAX TORTS TREASURY TREATY TREATY REINSURANCE UNDERWRITER UNDERWRITING WITHDRAWAL |
| spellingShingle |
ACCOUNTING ACCRUAL ACCOUNTING ADMINISTRATION OF JUSTICE AGRICULTURAL INSURANCE BAILOUT BALANCE SHEET BANKRUPTCIES BENEFICIARIES BODILY INJURY BROKER CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS DEVELOPMENT CAPITALIZATION CASH FLOW CASUALTY INSURANCE CLAIMANT CLAIMANTS CLAIMS PROCESSING COMMISSIONS COMMUNITY INVESTMENT COMPENSATION COMPENSATION CLAIMS COMPENSATION FUND COMPETITIVE MARKET COMPULSORY INSURANCE CONSUMER PROTECTION CONSUMERS COST OF INSURANCE COVERAGE CURRENCY DEREGULATION DEVELOPING COUNTRIES DEVELOPING ECONOMIES EXPENDITURE EXPENDITURES EXPOSURE EXPOSURES FACULTATIVE REINSURANCE FINANCIAL HEALTH FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL PERFORMANCE FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STRUCTURE FLOW OF INFORMATION FRAUD GENERAL INSURANCE GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOVERNMENT REGULATION GROSS NATIONAL PRODUCT GUARANTEE FUND HEALTH INSURANCE HOUSING FINANCE INCOME INFLATION INFLATIONARY PRESSURES INFORMATION SERVICE INFORMATION TECHNOLOGY INSOLVENCY INSOLVENT INSURER INSPECTIONS INSURANCE ACTIVITY INSURANCE AGENTS INSURANCE CLAIM INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CONTRACT INSURANCE CONTRACTS INSURANCE COSTS INSURANCE COVERAGE INSURANCE FUND INSURANCE GUARANTEE INSURANCE GUARANTEE FUNDS INSURANCE INDUSTRY INSURANCE MARKET INSURANCE MARKETS INSURANCE PREMIUMS INSURANCE PRODUCTS INSURANCE REGULATION INSURANCE RISKS INSURANCES INSURER INTERNATIONAL BANK ISSUANCE LAWS LEGAL FRAMEWORK LEVY LIABILITY LIABILITY INSURANCE LIBERALIZATION LIFE INSURERS LOSS RATIO MARKET DEVELOPMENT MARKET FORCES MARKET INEFFICIENCIES MARKET PRACTICES MARKET PRICE MARKET PRICES MARKET PRICING MARKET SHARE MATURE MARKETS MICROINSURANCE MIDDLE-INCOME COUNTRIES MONOPOLIES MONOPOLY MORAL HAZARD MOTOR INSURANCE MOTOR THIRD PARTY LIABILITY INSURANCE NON-LIFE INSURANCE PENSION PERSONAL LIABILITY POLICYHOLDERS POLITICAL ECONOMY PORTFOLIO PREMIUMS PRICE SENSITIVITY PRIVACY PRIVATE PENSION PRIVATE SECTOR DEVELOPMENT PROFIT MARGIN PROGRAMS PROTECTION INSURANCE PROTECTION OF POLICYHOLDERS PRUDENTIAL SUPERVISION PUBLIC POLICY QUOTA SHARE REINSURANCE RATES REGULATOR REGULATORS REGULATORY AUTHORITY REINSURANCE REINSURANCE ARRANGEMENTS REINSURANCE REQUIREMENTS REINSURERS RESERVES RISK INSURANCE RISK MANAGEMENT RISK PREMIUM RISK TRANSFER RISK UNDERWRITING SAFETY NET SAVINGS SETTLEMENT SOLVENCY SOLVENCY REQUIREMENTS STATE GUARANTEE SUPERVISORY AUTHORITIES SUPERVISORY AUTHORITY TAX TORTS TREASURY TREATY TREATY REINSURANCE UNDERWRITER UNDERWRITING WITHDRAWAL Gönülal, Serap Motor Third-Party Liability Insurance |
| relation |
Primer Series on Insurance;Issue 16 |
| description |
Motor Third Party Liability Insurance
(MTPL) ensures that damage to third party health and
property caused by an accident for which driver and/or owner
of the car were responsible is covered. A policy may be
taken out by the owner of a vehicle or by a lawful possessor
authorized by the owner on behalf of the owner. Compulsory
MTPL Insurance is a financial protection system built to
prevent any grievance that third parties could face, due to
lack of solvency of first party who caused bodily injury or
property damage following any event related to a car
accident. Motor insurance is generally measured non-life
insurers' strongest class of business in terms of
premium volume. In most markets, it is characterized by high
competition and cyclical fluctuations in results. Non-life
insurers' motor result is thus likely to have a
particularly strong impact on the overall result. In most
countries, MTPL insurance is compulsory in order to protect
the public. World Bank studies in Africa, Central Asia, and
Europe have shown that motor insurance premiums represent at
least 30 percent of all non-life premium income. This
phenomenon may be explained by the rapid rise of motor
fleets. MTPL insurance has been introduced in the formerly
centrally planned economies only in the past decade, but it
is poorly understood. Motorists are inclined to view it as a
form of tax that they are at liberty to evade, rather than
as a protection against their personal liability a concept
that is not familiar to the general public. Motor insurance
has the potential to be a powerful tool in the promotion of
personal responsibility. If communicated effectively, the
link between the consequences of causing an accident and the
economics of paying for those consequences will of itself
gradually lead to improved driving. |
| format |
Report |
| author |
Gönülal, Serap |
| author_facet |
Gönülal, Serap |
| author_sort |
Gönülal, Serap |
| title |
Motor Third-Party Liability Insurance |
| title_short |
Motor Third-Party Liability Insurance |
| title_full |
Motor Third-Party Liability Insurance |
| title_fullStr |
Motor Third-Party Liability Insurance |
| title_full_unstemmed |
Motor Third-Party Liability Insurance |
| title_sort |
motor third-party liability insurance |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/934881468163480768/Motor-third-party-liability-insurance http://hdl.handle.net/10986/27732 |
| _version_ |
1764464475911487488 |
| spelling |
okr-10986-277322021-04-23T14:04:42Z Motor Third-Party Liability Insurance Gönülal, Serap ACCOUNTING ACCRUAL ACCOUNTING ADMINISTRATION OF JUSTICE AGRICULTURAL INSURANCE BAILOUT BALANCE SHEET BANKRUPTCIES BENEFICIARIES BODILY INJURY BROKER CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS DEVELOPMENT CAPITALIZATION CASH FLOW CASUALTY INSURANCE CLAIMANT CLAIMANTS CLAIMS PROCESSING COMMISSIONS COMMUNITY INVESTMENT COMPENSATION COMPENSATION CLAIMS COMPENSATION FUND COMPETITIVE MARKET COMPULSORY INSURANCE CONSUMER PROTECTION CONSUMERS COST OF INSURANCE COVERAGE CURRENCY DEREGULATION DEVELOPING COUNTRIES DEVELOPING ECONOMIES EXPENDITURE EXPENDITURES EXPOSURE EXPOSURES FACULTATIVE REINSURANCE FINANCIAL HEALTH FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL PERFORMANCE FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STRUCTURE FLOW OF INFORMATION FRAUD GENERAL INSURANCE GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GOVERNMENT REGULATION GROSS NATIONAL PRODUCT GUARANTEE FUND HEALTH INSURANCE HOUSING FINANCE INCOME INFLATION INFLATIONARY PRESSURES INFORMATION SERVICE INFORMATION TECHNOLOGY INSOLVENCY INSOLVENT INSURER INSPECTIONS INSURANCE ACTIVITY INSURANCE AGENTS INSURANCE CLAIM INSURANCE COMPANIES INSURANCE COMPANY INSURANCE CONTRACT INSURANCE CONTRACTS INSURANCE COSTS INSURANCE COVERAGE INSURANCE FUND INSURANCE GUARANTEE INSURANCE GUARANTEE FUNDS INSURANCE INDUSTRY INSURANCE MARKET INSURANCE MARKETS INSURANCE PREMIUMS INSURANCE PRODUCTS INSURANCE REGULATION INSURANCE RISKS INSURANCES INSURER INTERNATIONAL BANK ISSUANCE LAWS LEGAL FRAMEWORK LEVY LIABILITY LIABILITY INSURANCE LIBERALIZATION LIFE INSURERS LOSS RATIO MARKET DEVELOPMENT MARKET FORCES MARKET INEFFICIENCIES MARKET PRACTICES MARKET PRICE MARKET PRICES MARKET PRICING MARKET SHARE MATURE MARKETS MICROINSURANCE MIDDLE-INCOME COUNTRIES MONOPOLIES MONOPOLY MORAL HAZARD MOTOR INSURANCE MOTOR THIRD PARTY LIABILITY INSURANCE NON-LIFE INSURANCE PENSION PERSONAL LIABILITY POLICYHOLDERS POLITICAL ECONOMY PORTFOLIO PREMIUMS PRICE SENSITIVITY PRIVACY PRIVATE PENSION PRIVATE SECTOR DEVELOPMENT PROFIT MARGIN PROGRAMS PROTECTION INSURANCE PROTECTION OF POLICYHOLDERS PRUDENTIAL SUPERVISION PUBLIC POLICY QUOTA SHARE REINSURANCE RATES REGULATOR REGULATORS REGULATORY AUTHORITY REINSURANCE REINSURANCE ARRANGEMENTS REINSURANCE REQUIREMENTS REINSURERS RESERVES RISK INSURANCE RISK MANAGEMENT RISK PREMIUM RISK TRANSFER RISK UNDERWRITING SAFETY NET SAVINGS SETTLEMENT SOLVENCY SOLVENCY REQUIREMENTS STATE GUARANTEE SUPERVISORY AUTHORITIES SUPERVISORY AUTHORITY TAX TORTS TREASURY TREATY TREATY REINSURANCE UNDERWRITER UNDERWRITING WITHDRAWAL Motor Third Party Liability Insurance (MTPL) ensures that damage to third party health and property caused by an accident for which driver and/or owner of the car were responsible is covered. A policy may be taken out by the owner of a vehicle or by a lawful possessor authorized by the owner on behalf of the owner. Compulsory MTPL Insurance is a financial protection system built to prevent any grievance that third parties could face, due to lack of solvency of first party who caused bodily injury or property damage following any event related to a car accident. Motor insurance is generally measured non-life insurers' strongest class of business in terms of premium volume. In most markets, it is characterized by high competition and cyclical fluctuations in results. Non-life insurers' motor result is thus likely to have a particularly strong impact on the overall result. In most countries, MTPL insurance is compulsory in order to protect the public. World Bank studies in Africa, Central Asia, and Europe have shown that motor insurance premiums represent at least 30 percent of all non-life premium income. This phenomenon may be explained by the rapid rise of motor fleets. MTPL insurance has been introduced in the formerly centrally planned economies only in the past decade, but it is poorly understood. Motorists are inclined to view it as a form of tax that they are at liberty to evade, rather than as a protection against their personal liability a concept that is not familiar to the general public. Motor insurance has the potential to be a powerful tool in the promotion of personal responsibility. If communicated effectively, the link between the consequences of causing an accident and the economics of paying for those consequences will of itself gradually lead to improved driving. 2017-08-10T21:08:38Z 2017-08-10T21:08:38Z 2010-09 Report http://documents.worldbank.org/curated/en/934881468163480768/Motor-third-party-liability-insurance http://hdl.handle.net/10986/27732 English en_US Primer Series on Insurance;Issue 16 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work |