India’s non-life insurance industry closed FY26 with a 9% year-on-year increase in gross direct premium income at ₹3.36 lakh crore, aided by strong traction in the health insurance segment following the GST rate cut. In comparison, the non-life insurance industry had reported a 6% growth in gross premium to ₹3.07 lakh crore in FY25.
The combined gross premium of general insurers rose 8% to ₹2.79 lakh crore, according to provisional data released by the General Insurance Council on Thursday. The segment includes public sector and private general insurers, standalone health insurers, and specialised public insurers.
Within this, the four public sector general insurers—National Insurance, The New India Assurance, The Oriental Insurance, and United India Insurance—reported an 8% year-on-year increase in gross premium collections to ₹1.03 lakh crore in FY26, accounting for a 37% share of overall general insurance premiums. The New India Assurance recorded the highest growth among PSU insurers, with gross premiums rising 11% to ₹42,822 crore in the previous fiscal.
The 21-member private general insurance segment also expanded 8% to ₹1.76 lakh crore in gross premium. Among private players, ICICI Lombard reported a 7% rise in gross direct premiums to ₹28,712 crore. Tata AIG’s gross premium stood at ₹20,050 crore, up from ₹17,703 crore in FY25. HDFC Ergo General Insurance reported a 5% decline in gross direct premium to ₹15,025 crore, while SBI General’s gross premium increased 15% to ₹15,904 crore.
The seven standalone health insurers reported 19% year-on-year growth in gross premiums to ₹45,866 crore in FY26. These include players such as Star Health, Niva Bupa, Aditya Birla Health, and Care Health. The segment has seen sustained momentum, with monthly growth in the range of 35–40% following the government’s exemption of individual health policies including family floater and senior citizen policies from GST with effect from September 22, 2025. Among standalone players, Star Health reported an 11% increase in premiums to ₹18,605 crore. Aditya Birla Health Insurance saw premiums grow 29% to ₹6,238 crore, while Niva Bupa reported a 27% year-on-year rise in gross premium to ₹8,586 crore.