Girija Subramanian, CMD, New India Assurance

Recovering from a slow growth, Indian general insurance industry is expected to cross Rs 3.30 trillion in FY 26

`New India Assurance is on track toward achieving Rs 50,000 crore premium milestone. Strong growth across domestic operations, product diversification, and digital transformation are driving this growth.With our scale, financial stability, and continuous innovation, we are confident of reaching this landmark soon and reinforcing our position as India’s largest and most trusted general insurer,” said Girija Subramanian, CMD, NIA.

Mumbai:Giving a boost to the Indian general insurance industry’s topline, which is expected to cross Rs 3.30 trillion in FY 26, New India Assurance(NIA) , the largest  company in the segment, has almost reached Rs 47,000 crore in its global premium during the fiscal .

Apart from Indian market, where it has recorded a healthy growth, in excess Rs 42,500 crore of premium income in FY 26, the multinational insurer, with operations in 24 countries, has also seen traction in its international business during the fiscal.

NIA had a global premium of Rs43,600 crore and domestic premium of Rs 39,660 crore in In FY 25.

Currently, till Feb, 2026, it has regained its market share to 12.87 per cent from 12.71 in Feb, 2025.

Analysts say New India will be the first-ever Indian company to cross a landmark Rs 50,000 crore of global premium soon with a sharp focus on growth and prudent underwriting practices.

“New India Assurance is on track toward achieving Rs 50,000 crore premium milestone. Strong growth across domestic operations, product diversification, and digital transformation are driving this growth.With our scale, financial stability, and continuous innovation, we are confident of reaching this landmark soon and reinforcing our position as India’s largest and most trusted general insurer,” said Girija Subramanian, CMD, NIA.

The second largest general insurer in the Indian market, ICICI Lombard General Insurance, is hovering around with almost Rs 28,000 crore premium in FY26.

Another noteworthy feature of Indian general insurance market is the new found bullishness among  PSU multiline general insurance companies despite lacking solvency.

With direct encouragement from the government, two of the PSU general insurers Oriental Insurance and  United India Insurance have crossed Rs 20,00 crore premium in FY 26 and together, four multinational PSU general insurers will have around 31 per cent market share though with shrinking manpower and national footprintin FY 26.

Post GST(Goods and Services Tax) rationalisation in Sept, 2025,  the Indian general insurance industry is expecting a healthy growth in FY26, projected to rise by 13 per cent  year-on-year (YoY) in gross written premium (GWP). This expansion is driven by a 21 per cent surge in the premium mobilised by Standalone Health Insurers (SAHIs) and  robust motor portfolio growth.

Over the next five years, India’s average yearly real GDP growth of 6.5 per cent will see it maintain its status among the world’s fastest-growing major economies, Swiss Re,the largest global reinsurer said.

Health insurance is expected to grow by an average 7.2 per cent  per year over 2026–2030. Motor insurance, driven by greater vehicle uptake, will grow by 7.5 per cent  per year during the same period, affirmed Swiss Re.

Amitabha Ray, Swiss Re Market Head for India, said, “India is a true bright spot for insurance growth in the mid-term as opportunities emerge, especially in health and motor insurance. We are set to benefit from forward-looking regulatory reform, digital innovation and a disciplined but attractive product mix for consumers. Insurance growth will benefit India, as it acts as a significant financial shock absorber for millions of Indian families and business as they face increased risk from natural catastrophes, increasing healthcare costs and the financial pressures of an ageing population.”

The non-life market faces near-term challenges due to regulatory shifts and medical inflation, but growth should recover in the medium term, said Swiss Re.