Slow auto sales hurt motor insurance business

With car and SUV sales seeing their sharpest fall in nearly eight years, it is all set to be a bad year for motor insurance too. GIC data shows that motor sales growth fell to 8.8% this March from 14.2% for the same period in the previous year. Motor third-party (TP) sales growth — which is mandatory in India by law and covers accidents caused by the driver/ owner to other road users — slowed to 15.4% from 17.6%.

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