Mumbai, Nov 27 || As private consumption rises in India, tier 2 and 3 cities have emerged as a critical growth engine for motor insurance, driven by increasing vehicle ownership and greater awareness of the importance of insurance, according to a report on Wednesday.
These regions contributed to more than 90 per cent to the number of policies sold and the premium amount in the festive season this year, as per data InsurTech platform Turtlemint.
Turtlemint said it issued over 4 lakh motor insurance policies through its extensive network of insurance advisors, marking an almost 2 times increase in sales compared to the same period last year.
The period from August to October resulted in an increase in the total premium for motor insurance by 2.3 times from last year.
While Jaipur saw a 191 per cent growth in motor insurance premium, Indore saw 31 per cent and Lucknow 15 per cent, the data showed.