With another two months, February and March, to go before the current fiscal, FY 26, comes to an end , the industry’s total premium has already exceeded Rs 2.83 trillion till January whereas in FY 25,the industry’s total premium was over Rs 3,07 trillion
Mumbai:Post GST revamp in retail Health Insurance and automobile segments during mid- September, the Indian general insurance industry is now heading for a bumper crop in terms of gross premium in FY 26.
With another two months, February and March, to go before the current fiscal, FY 26, comes to an end , the industry’s total premium has already exceeded Rs 2.83 trillion till January whereas in FY 25,the industry’s total premium was over Rs 3,07 trillion.
The premium mobilisation, which had seen a slow growth- low single digit- till Sept, has turned around since November and has further consolidated in January with a 15 per cent growth.
The general insurance industry, with 34 players, has a total premium income of Rs 33,346 crore, showing a growth of 15 per cent y-o-y in January.
Led by New India Assurance(NIA), which has, at Rs 3518 crore , restructured its topline with a seven per cent degrowth in January, the multiline general insurers have seen their premium base expanding by almost 10 per cent in January.
“Over the past few quarters, we have taken deliberate steps to recalibrate our portfolio by exiting or restructuring select large corporate accounts where pricing did not adequately compensate for risk or capital consumption. This has been offset by an increased focus on Retail, SME and better quality risk. Our operating philosophy continues to emphasize prudent risk assessment at the policy level, ensuring that growth is aligned with profitability and capital efficiency.The benefits of this approach are reflected in improved portfolio stability and controlled volatility, explained Girija Subramanian, CMD, NIA.
Led by Star Health, the premium of stand alone health insurers(SAHIs) has surged by 24 per cent to Rs 4,527 crore in January.
Among big companies(with over monthly Rs 1000 crore premium) except NIA, Oriental Insurance, Bajaj General, rest have recorded a double digit growth in January.
State owned insurer Agriculture Insurance Company(AIC) has almost doubled its January premium to Rs 2164 crore.
Mid-sized (below monthly Rs 1000 crore premium)and small insurers (below monthly Rs 500 crore premium) have picked up momentum in their premium income.
Till Dec, 2025, total Health Insurance premium in the industry has spurted by 14 per cent to Rs 1 trillion(with a market share of over 40.6 per cent) while total Motor premium has increased by nine per cent to Rs 78,000 crore(with a market share of 31.19 per cent).