General insurers' premium growth rises to 9.3% in FY26

MUMBAI: The general insurance industry rebounded in FY27, with premium growth accelerating to 9.3% from 6.2% in FY26, driven by private insurers and strong demand for health cover.

The stand-alone health insurance segment led the expansion, growing 19.4%, which was more than double the industry average. The health segment continued to drive overall growth.

The top 10 insurers account for 66.68% of total premium, slightly lower than 67.47% a year earlier. Private insurers strengthened their position in the top rankings. New India Assurance retained the top spot with a premium of Rs 42,821.8 crore and a 12.74% market share. ICICI Lombard General Insurance and Bajaj General Insurance held the second and third positions with premiums of Rs 28,712.5 crore and Rs 23,178.5 crore and market shares of 8.54% and 6.90%, respectively.

Tata AIG General Insurance increased its market share from 5.8% to 6% with a premium income of Rs 20,050 crore an increase of 13.3% over last year.

Among other major insurers in the top 10, Star Health & Allied Insurance reported a premium of Rs 18,605.5 crore and a market share of 5.53%, maintaining its ranking as the 7th largest insurer, while HDFC Ergo posted Rs 15,025.2 crore with a 4.47% share.

United India Insurance and Oriental Insurance reported premiums of Rs 21,422.6 crore and Rs 20,703.4 crore, and market shares of 6.37% and 6.16%. National Insurance slipped to eighth position with a premium of Rs 17,743.2 crore and a market share of 5.28%, after being overtaken by private insurers and specialised players.

Among health insurers, Niva Bupa Health Insurance recorded a premium of Rs 8,585.9 crore and a market share of 2.55%, gaining 35 basis points. Aditya Birla Health Insurance posted Rs 6,238.3 crore in premium with a 1.86% share, up 29 basis points. Care Health Insurance reported Rs 10,031.3 crore in premium and a 2.98% share, gaining 28 basis points.

SBI General Insurance reported Rs 15,904.4 crore with a 4.73% share, up 21 basis points. Tata AIG General Insurance posted Rs 20,050.2 crore and a 5.96% share, gaining 20 basis points. Go Digit General Insurance recorded Rs 9,846.1 crore in premium and a 2.93% share, up 18 basis points.

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