India’s non-life insurance industry recorded a 10.5% year-on-year increase in gross direct premium income in October 2026, supported by strong demand for health insurance and improved premium collections among several private general insurers. The industry generated ₹32,760.81 crore in premiums during the month, compared with ₹29,641.25 crore in October 2025, according to provisional data released by the General Insurance Council.
Standalone health insurers emerged as the strongest-performing segment, registering 21.29% growth, significantly ahead of the broader general insurance industry. Multi-line general insurers recorded 10.15% growth, while specialised public sector insurers experienced a sharp decline. The latest figures indicate continued expansion in India’s non-life insurance market, although performance varied considerably across individual companies and business segments.
Non-Life Insurance Premiums Reach ₹32,761 Crore in October
The industry’s total gross direct premium income increased by approximately ₹3,120 crore compared with the corresponding month last year. The 10.52% growth in October was also stronger than the 6.12% year-on-year increase reported in September, indicating an improvement in monthly premium momentum.
The performance differed across the three broad categories tracked in the General Insurance Council’s provisional report.
| Insurance segment | October 2026 premium | Year-on-year growth |
|---|---|---|
| General insurers | ₹28,062.14 crore | 10.15% |
| Standalone health insurers | ₹4,548.55 crore | 21.29% |
| Specialised insurers | ₹150.12 crore | -63.84% |
| Total non-life industry | ₹32,760.81 crore | 10.52% |
Standalone health insurers continued to outperform the wider market, while the specialised insurance category recorded a substantial contraction. The overall industry growth therefore reflects a combination of strong health insurance demand and steady expansion among multi-line general insurers.
Standalone Health Insurers Lead Premium Growth
Standalone health insurers recorded gross direct premiums of ₹4,548.55 crore in October, compared with ₹3,750.29 crore in the same month last year. This represented a 21.29% increase, making health insurance the fastest-growing major segment in the latest monthly data.
Care Health Insurance reported the strongest growth among the larger standalone health insurers. Its premium income increased 34.56% to ₹1,128.77 crore, compared with ₹838.89 crore a year earlier.
Niva Bupa Health Insurance recorded a 20.05% increase in premium income to ₹825.66 crore, while Star Health and Allied Insurance reported growth of 17.65% to ₹1,721.49 crore.
Other insurers also registered increases. Aditya Birla Health Insurance’s premiums rose 10.05% to ₹590.92 crore, while ManipalCigna Health Insurance recorded a 16.30% increase to ₹246.32 crore.
The figures suggest that demand for dedicated health insurance products remains an important growth driver for the industry. Rising healthcare expenses, greater awareness of medical coverage and demand for financial protection against hospitalisation costs are among the broader factors supporting the segment.
However, premium growth alone does not establish profitability or underwriting performance. Claims expenses, medical inflation, customer acquisition costs and the ability to renew policies will also influence insurers’ financial results.
HDFC ERGO and SBI General Record Strong Growth
Among multi-line general insurers, HDFC ERGO General Insurance and SBI General Insurance reported particularly strong premium growth in October.
HDFC ERGO’s gross direct premium income increased 34.87% year-on-year to ₹1,661.84 crore, compared with ₹1,232.22 crore in October 2025. SBI General Insurance recorded a 31.98% increase to ₹1,550.04 crore.
Other private insurers also reported positive growth:
| Insurer | October 2026 premium | Year-on-year growth |
|---|---|---|
| HDFC ERGO | ₹1,661.84 crore | 34.87% |
| SBI General | ₹1,550.04 crore | 31.98% |
| Tata AIG | ₹2,264.64 crore | 15.20% |
| Bajaj General Insurance | ₹2,142.02 crore | 12.14% |
| IFFCO-Tokio | ₹973.54 crore | 17.98% |
| ICICI Lombard | ₹2,825.78 crore | 9.69% |
| Go Digit General Insurance | ₹967.02 crore | -3.23% |
Tata AIG General Insurance reported premium income of ₹2,264.64 crore, up 15.20% from the previous year. Bajaj General Insurance recorded a 12.14% increase to ₹2,142.02 crore, while IFFCO-Tokio’s premiums rose 17.98% to ₹973.54 crore.
ICICI Lombard, one of the country’s largest private general insurers, recorded a 9.69% increase in premium income to ₹2,825.78 crore. Go Digit General Insurance was among the companies reporting a decline, with premiums falling 3.23% to ₹967.02 crore.
These differences highlight the uneven competitive environment across the private general insurance market.
Public Sector Insurers Report Mixed Performance
Public sector general insurers also delivered a mixed performance in October.
National Insurance Company recorded a 16.11% year-on-year increase in premiums to ₹3,287.11 crore. United India Insurance reported an 11.55% increase to ₹1,774.78 crore, while The New India Assurance Company recorded a more moderate 2.94% rise to ₹3,879.72 crore.
Oriental Insurance was among the public sector companies reporting a decline. Its premium income fell 2.64% to ₹1,479.02 crore.
The latest figures show that growth was not uniform across public sector insurers. While some companies recorded double-digit increases, others experienced slower expansion or a decline in monthly premium collections.
The New India Assurance remained the largest general insurer by October premium income among the companies listed in the report, followed by National Insurance and ICICI Lombard.
Insurance Industry Maintains Growth Momentum in FY27
The October performance also contributed to positive growth during the first seven months of the financial year.
Between April and October 2026, India’s non-life insurance industry generated gross direct premiums of ₹2,12,389.31 crore, representing a 9.13% increase compared with ₹1,94,629.08 crore during the corresponding period of the previous financial year.
Standalone health insurers remained the strongest performers over this period. Their cumulative premium income increased 29.18% to ₹30,134.86 crore.
General insurers recorded a 9.23% increase to ₹1,78,599.39 crore. Specialised insurers, however, reported a 53.10% decline in cumulative premiums to ₹3,655.06 crore.
The cumulative figures indicate that health insurance continues to expand faster than the broader non-life insurance market. They also show that the overall industry’s growth is being supported by multiple categories, despite weakness in specialised insurance.
The Bigger Picture
India’s general insurance market is undergoing a period of expansion as households and businesses increasingly seek protection against medical expenses, vehicle-related risks, property damage and other financial uncertainties. Health insurance has become an especially important part of this shift, with standalone health insurers recording substantially faster premium growth than multi-line general insurers.
Digital distribution, online policy comparisons, insurance partnerships with banks and financial platforms, and wider awareness of insurance products are also changing how customers purchase coverage. These developments can help insurers reach customers beyond major metropolitan markets and improve access to different types of policies.
However, rising premium income should not be viewed as a direct measure of profitability. Insurers must balance business expansion with claims management, pricing discipline, customer retention and adequate reserves. The ability to manage medical inflation and other claims-related costs will remain important as the industry grows.
Looking Ahead
The October figures provide a positive indication of the non-life insurance industry’s growth momentum during FY27. Standalone health insurers are likely to remain an important contributor to premium expansion, while competition among private and public general insurers will continue across motor, health, property and commercial insurance products. The next set of monthly figures will help determine whether the improvement in October represents a sustained acceleration.
For insurers, the focus will extend beyond increasing premium collections to building sustainable portfolios and improving operational efficiency. Companies that combine competitive products, effective distribution networks and disciplined claims management will be better positioned to benefit from India’s expanding insurance market.
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