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The motor insurance sector is poised to grow by 20% this festive season. It is observed that the period between Dussehra and Diwali witnesses an increase in motor insurance sales. This gives a boost to motor insurance policies as well. As Third Party Liability (TPL) insurance is mandatory, motor insurance sales are likely to increase in the coming months.
Sanjay Datta, Chief Underwriting, Reinsurance and Claims, ICICI Lombard General Insurance said, "We have seen a good uptick in insurance sales in motor during the festive season. Dealers also come up with better options and we are hopeful that the theme continues this year as well."
Motor insurance industry had faced a setback in the previous financial year due to decline in the auto sales. However, it recuperated at the end. The non-life insurance sector had to face a setback due to motor insurance segment’s inadequate performance.
However, things are looking bright for the sector this quarter. Insurance Regulatory and Development Authority of India (IRDAI), has brought out an exposure draft on obligation of the insurer with respect to motor TPL insurance business. This draft mentions that an insurance company cannot refuse to offer TPL cover.