With No1 position, Health Insurance share in the Indian general insurance industry has inched up to 40.80 per cent in FY 26 from 38.63 per cent in FY25
In a noteworthy development, though, there has been no premium hike in the premium of mandatory TP Motor cover, for the last couple of years, still has grown by nine per cent to over Rs64,000 crore in FY 26.
In FY 26, the Fire segment, despite cut throat compeition among the market players, with a premium of Rs27,523 crore. up by 13.4 per cent, has replaced Crop portfolio to be the third largest portfolio in the industry.
Mumbai/Hyderabad: The Indian insurance industry, which ended FY 26 with a total premium over Rs 3.36 trillion, recording a 9.3 per cent growth,has got a big boost from top three portfolios, Health, Motor and Fire, even as Crop Insurance premium has crashed by almost 30 per cent during the year and for the first time has been replaced by Fire portfolio as the third largest segment in the industry, according to the latest industry figures released by the General Insurance Council.
State owned New India Assurance, except,Crop Liability and Personal Accident segments ,has the largest market share in all other lines of business in FY26.
The domestic health insurance segment has become the top premium grosser of the industry and surged by 15.4 per cent to Rs1.37 trillion in Fy 26.
With No1 position, its share in the Indian general insurance industry has expanded to 40.80 per cent in FY 26 from 38.63 per cent in FY25.
The retail Health Insurance segment, which got the benefits of zero Goods and Services Tax(GST) since Sept 2025 has jumped by 20 per cent to Rs56,640 crore in FY 26, while Group Health Insurance, which pays 18 per cent GST, has grown by 13 per cent to Rs 68,640 crore during the fiscal.
The Motor Insurance premium powered by both Own Damage (OD) and Third Party(TP) Motor Premium, has risen by nine per cent to over Rs1.08 trillion in FY 26.
The share of motor Insurance has almost remained steady at 32.20 per cent in the Indian general insurance industry in FY 26.
In a noteworthy development,though, there has been no premium hike in the premium for mandatory TP Motor cover, for the last couple of years, still has grown by nine per cent to over Rs64,000 crore in FY 26.
The segment has also increased its share of premium contribution to the industry from 19.09 per cent in FY25 to 19.11 per cent in FY 26.
Analysts have pointed out that thanks to some of the industry and regulatory initiatives, more people are buying TP motor policy. Also with the GST reduction for auto industry, more vehicles have been sold during the year.
Total premium for Motor OD has equally gone up by nine per cent to Rs44,000 crore in the reporting year.Its market share has slightly dropped to 13.09 per cent in FY 26 from 13.12 per cent in FY25.
However, FY 26 has been one of the worst years for the Indian Crop insurance industry, which used to be third largest portfolio for the industry.
In FY 26, the Fire segment, despite a cut throat compeition among the market players, with a premium of Rs 27,523 crore. up by 13.4 per cent, has emerged as the third largest portfolio in the industry.
The total crop insurance premium has crashed by almost 27 per cent to Rs19,216 crore in FY 26 and its market share has shrunk from 75.34 per cent in FY 25 to 65.92 per cent during FY 26 in the overall Miscellaneous portfolio which itself has loss its market share in the Indian general insurance industry from 12.60 per cent in FY 25 to 9.50 per cent in FY26.