General insurance premium growth rises to 9.3% in FY26 compared to 6.2% in FY25, driven by private insurers and rising demand for health insurance. The general insurance growth in FY26 was primarily supported by robust expansion in the health segment, which continued to be the key growth driver.
Key Highlights
- General insurance premium in FY26 is driven by health insurance segment and private insurers’ rising market share.
- General insurance Premium growth accelerates to 9.3% in FY26 with strong expansion in health insurance segment.
The stand-alone health insurance segment outperformed the broader market, registering a sharp growth of 19.4%, more than double the industry average. This surge highlights increasing consumer awareness and demand for medical coverage, further strengthening the sector’s long-term growth outlook.
The market remained moderately concentrated, with the top 10 insurers accounting for 66.7% of total premium in FY26, slightly lower than 67.5% in the previous year, indicating gradual diversification. Private insurers continued to gain market share, strengthening their position among the leading players.
New India Assurance retained its leadership position with a premium of Rs 42,821.8 crore and a market share of 12.7%. ICICI Lombard General Insurance and Bajaj Allianz General Insurance secured the second and third spots, with premiums of Rs 28,712.5 crore and Rs 23,178.5 crore, and market shares of 8.5% and 6.9%, respectively.
Among other major insurers, Star Health and Allied Insurance reported a premium of Rs 18,605.5 crore with a 5.5% market share, maintaining its position among the top players. HDFC ERGO General Insurance posted Rs 15,025.2 crore in premium, accounting for a 4.5% share.
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Public sector insurers such as United India Insurance and Oriental Insurance Company recorded premiums of Rs 21,422.6 crore and Rs 20,703.4 crore, with market shares of 6.4% and 6.2%, respectively. Meanwhile, National Insurance Company slipped to eighth position with a premium of Rs 17,743.2 crore and a 5.3% market share, reflecting increasing competition from private and specialised insurers.
In the health insurance segment, Niva Bupa Health Insurance reported a premium of Rs 8,585.9 crore and a market share of 2.6%, while Aditya Birla Health Insurance posted Rs 6,238.3 crore with a 1.9% share. Care Health Insurance recorded Rs 10,031.3 crore in premium and a 2.9% market share, highlighting strong growth momentum in specialised health insurance providers.
The general insurance premium growth in FY26 underscores a structural shift toward health insurance and increasing participation from private players, positioning the sector for sustained expansion amid rising healthcare awareness and evolving risk coverage needs.
