CareEdge Ratings released its medium-term outlook for the non-life insurance sector, projecting premium growth of 8–11% annually. The health (PA&H) segment is expected to reach Rs 1.40 lakh crore by FY27, while motor insurance is projected to cross Rs 1.06 lakh crore.
Key Concerns: The industry's combined ratio has remained consistently above 100% since FY19, indicating persistent underwriting losses. Rising claims inflation, particularly in motor and health, continues to pressure profitability. The GST exemption on retail health policies is expected to remain a key growth catalyst.
Source: CareEdge Ratings (April 9, 2026)