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New Indian Express
6 days ago
- Business
- New Indian Express
New toll formula to slash user fee for Chennai's elevated highway projects
CHENNAI: With the National Highways Authority of India (NHAI) constructing multiple elevated corridors on heavily congested stretches in Chennai and other major metro cities across the country due to space constraints and land acquisition challenges, the Ministry of Road Transport and Highways (MORTH) has made changes in the toll calculation formula for flyover and bridges on highways reducing the user fee significantly. If an entire national highway stretch is built as an elevated corridor, the toll fee will be reduced by 50%. For stretches where elevated corridors make up 50% or more of the total NH length, toll charges will drop significantly – by around 10% to 40%. To this effect, the MORTH has amended Rule 4 of the National Highways Fee (Determination of Rates and Collection) Rules, 2008, and the notification was issued last month. The decision would lead to reducing the toll fee in the under-construction Chennai Port-Maduravoyal double-decker project by 50%. It will also benefit the future elevated projects which are being planned by the NHAI in Kilambakkam-Maraimalai Nagar (17 km) and Sriperumbudur-Maduravoyal (36km) stretches, which is an extension of the Bengaluru-Chennai Expressway, by next year. The new rule mandates that the tollable length should be multiplied at five times the actual elevated highway/bridge distance instead of the previous multiplier of 10. The 10 times multiplier will still apply if elevated roads/bridges account for less than half of the NH stretch. However, in such cases, the total tollable length cannot exceed five times the actual highway length, according to the notification.
Economic Times
23-06-2025
- Automotive
- Economic Times
Just like stocks, TP motor insurance needs risk-based pricing: Dr. Tapan Singhel
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel As the Indian insurance industry continues to evolve to meet rising customer expectations and emerging risks, most product categories have adapted to digital third party (TP) motor insurance remains unchanged, despite being a mandatory and high-impact product. It is time we revisit this space and bring it up to date with the realities of today's mobility and risk premiums have remained essentially unchanged, except for a few categories, over the last five years. Leave aside inflation and other elements, the issue is much road safety situation is alarming. Every year, the country witnesses nearly five lakh road accidents, resulting in over one and a half lakh fatalities and leaving more than four lakh citizens injured. (source: MORTH)Despite these figures, third party motor insurance premiums remain fixed based on vehicle category, without factoring in the individual behaviour or history of the one-size-fits-all pricing structure fails to incentivise safe driving and often results in responsible drivers subsidising the riskier must create a more equitable system. De-tariffing third party insurance is not only about ensuring the viability of insurance business models or maintaining sound loss and combined is about building a more responsible, accountable and safety-conscious society. When premiums are based on individual risk, it brings fairness into the equation and encourages people to drive more carefully.A risk-based premium structure would enable insurers to assess factors such as driving history, claim frequency, accident records, and traffic violations when determining an approach would be beneficial for commercial vehicle operators as well. Fleet owners who invest in driver training, follow maintenance protocols and uphold safety standards would be rewarded with lower insurance costs, while others would be nudged to improve their fairness, the wider societal benefits are significant. A system that financially rewards safe driving behaviour could contribute to a tangible reduction in accidents and would ease the pressure on emergency medical services and public health infrastructure. Initiatives like the Zero Fatality Corridor on the Mumbai-Pune Expressway have demonstrated how behavioural and structural interventions can reduce road crash deaths by almost 60 per can play a transformative role. With tools such as GPS tracking, telematics , artificial intelligence-driven driving scores and digital claims histories, insurers can build detailed behavioural profiles for each driver or enables the creation of dynamic pricing models and even reward-based systems linked to performance. Insurance can thereby evolve from being a passive financial product to a proactive instrument for behavioural existing uniform pricing model for TP motor insurance does not reflect the complexity and diversity of road risks in today's world. De-tariffing presents an opportunity to realign pricing with real-world driving patterns and societal is a step towards making roads safer, insurance more personalised, and the system more efficient for all time to make insurance smarter, not only through technology, but also through purpose, where those who drive safely pay less and the benefits ripple across society as a whole.(The author, Dr. Tapan Singhel is MD & CEO at Bajaj Allianz General Insurance : Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Time of India
23-04-2025
- Time of India
28 killed, 50 injured in road accidents in Chandigarh this year
1 2 3 Chandigarh: So far this year, 28 people have been killed and 50 injured in road accidents across the city, with two-wheeler riders being majority of the victims. In 2024, fatal road accidents increased by 22% compared to the previous year, with 81 deaths in 78 accidents, up from 67 deaths in 64 accidents in 2023. The city reported 24 fatal accidents resulting in 28 deaths and 46 non-fatal accidents with 47 injuries. Identifying and classifying accident black spots on urban roads is crucial for road safety research. City Beautiful has reduced the number of black spots from 15 in 2016-2019, to three in 2022-2024. Between 2019 and 2023, the city had five black spots: two on the national highway (Airport Light Point, V-1 Road NH5, Poultry Farm Chowk) and three within the city (TPT Light Point, Kalagram Light Point, Shastri Nagar Light Point). At present, the city has three black spots: Airport Light Point, Poultry Farm Chowk, and Kalagram Light Point. The Ministry of Road Transport and Highways (MORTH) classifies a black spot as a 500-metre road segment, meeting specific criteria. It should be either five road accidents resulting in deaths or severe injuries within the previous three years, or 10 deaths within the same period. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Stay Powered, Stay Quiet: Affordable Silent Generators for Every Filipino Household LocalPlan Search Now Undo The police said high speeding during night or early hours was the main cause of accidents. According to traffic police data, UT police issued 115,625 challans for overspeeding and 490,000 challans for jumping red lights or dangerous driving in 2024. Three people, including two cops, were killed when a high-speed Volkswagen Polo car hit them at a police check post during the early hours of the Holi festival at the Chandigarh-Zirakpur barrier. The driver and his two friends were also injured. The accused driver, reportedly under the influence of liquor, was said to be driving at around 150 km per hour. In another tragic accident, a scooterist was killed and two women on a separate scooter were injured after a Porsche hit their scooters on Sector 4/9 dividing road. Also, a BA final year student and an auto driver were killed, and four girl students were injured when an SUV hit their auto rickshaw on Sector 5/8 dividing road in May last year. The district road safety committee, chaired by UT DC, decided to make this stretch a no-overtaking zone.
