New Delhi, July 17 -- The insurance industry in India is witnessing a slowdown, mainly due to the moderation in auto sales and a drop in corporate policy renewals, according to a recent research report by Nuvama.

The report stated that the industry growth is expected to remain weak, largely driven by a slowdown in motor sales and lower corporate policy renewals. However, the impact of muted auto sales may be partially balanced by the recent hike in third-party (TP) premiums.

The report also noted that large incumbent insurers may benefit from the stricter implementation of Expenses of Management (EoM) regulations imposed by the Insurance Regulatory Development Authority (IRDAI).

It stated, "We expect slower industry growth largely due ...