Motor Third-Party Liability Insurance
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World Bank, Washington, DC
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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.
Palabras clave
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