The non-life insurance industry reported 9.3% year-on-year growth in premiums to Rs 3.36 trillion in FY2025-26, according to data from the General Insurance Council. This growth was primarily aided by the health insurance segment following the GST rate rationalisation that reduced the levy to nil from 18%.
Segment-Wise Performance
General Insurance Companies: Gross direct premium underwritten grew 8% YoY to Rs 2.79 trillion.
Standalone Health Insurers (SAHIs): Posted 19.4% YoY growth to Rs 45,865.81 crore, significantly outperforming the broader industry.
Specialised Insurers: Saw 5.14% YoY growth to Rs 11,676.2 crore.
Sources: Business Standard (April 2026), ICRA Insurance Sector Report (April 2026), IRDAI 134th Meeting Report