Growth in third-party motor insurance business due to strict fines

A rise in third-party motor insurance purchases was observed despite the decline in auto sales, owning to higher penalties under the new vehicles Act.

Figures suggest, vehicle sales slumped 24%, third-party motor insurance policies climbed up to 38% more. As a result, the overall insurance business also picked pace by 18%. The number is estimated to be double the 7-11% growth observed in the past three months. The total profit in mot....