India’s non-life insurance industry posted a modest 6.5 per cent rise in gross direct premiums in May 2025, collecting Rs 22,257 crore, compared to Rs 20,907 crore in May 2024. While the overall growth appears stable, the latest monthly data released in the industry’s flash report on June 9 reveals a more mixed picture across insurers.
The cumulative premium for the first two months of financial year 2026 stood at Rs 55,854 crore, a 10.4 per cent jump compared to the same period last year. However, there has been a change in reporting norms which has now clouded direct comparisons.
As per Insurance Regulatory and Development Authority of India (Irdai’s) revised guidelines, effective from October 2024, long-term policy premiums are no longer included in monthly figures, a regulatory change which may dampen the apparent growth for some insurers.
The performance of state-run general insurers has varied sharply; for instance, the New India Assurance Company recorded a sharp 22.5 per cent uptick in May, underwriting Rs 2,945 crore in premiums.
United India Insurance also posted a 7.7 per cent rise, while National Insurance’s growth came in at 5.8 per cent. Oriental Insurance, however, saw an 8 per cent decline, suggesting that the shift in reporting rules and internal portfolio adjustments could be impacting PSU players differently.
When it comes to private players, insurers like Bajaj Allianz General Insurance reported a rise in premiums by 21 per cent to Rs 1,322 crore. Tata AIG grew 13 per cent and ICICI Lombard, the largest among private general insurers, saw a relatively muted growth of 2.4 per cent, collecting Rs 2,155 crore in premiums.
Newer players, on the other hand, like Zurich Kotak Mahindra General and Navi General Insurance, witnessed growth of 33.5 per cent and 27.4 per cent in underwriting premiums, respectively, though from relatively smaller bases.
However, the data shows that not all players had a smooth ride. Future Generali, for instance, saw premiums drop by 26 per cent, while Cholamandalam MS and Go Digit also saw slippages of 7.5 per cent and 2.2 per cent, respectively.
Health insurance segment held up better
Standalone health insurers clocked nearly 10 per cent growth in May 2025, with total premiums of Rs 2,917 crore. Aditya Birla Health’s total premiums grew by 36 per cent, and ManipalCigna’s total premiums surged 43 per cent. Star Health inched up 3.3 per cent, while Care Health and Niva Bupa rose around 5 per cent and 10 per cent, respectively.
These numbers hint at a sustained appetite for health cover, though pricing recalibrations and underwriting caution remain in play post-COVID era.
Among other players, the Agriculture Insurance Company bounced back strongly in May, while ECGC showed modest growth of 3.8 per cent. Their overall market share remains under 1 per cent.
General insurers continued to dominate the landscape, accounting for 89.2 per cent of total non-life premiums, followed by standalone health insurers at 10.4 per cent.
