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The trend is consistent with the broader pattern seen in FY26, when standalone health insurers’ market share had already risen to 13.6% from 12.5% a year earlier. (Image: Pixabay)
Standalone health insurers are steadily gaining ground in India’s non-life insurance market, with their share of premium income rising sharply in the first four months ended July of FY27 even as the broader general insurance segment ceded market share in the overall premium pool, according to General Insurance Council (GI Council) data
The market share of standalone health insurers accounted for 14.10% of total non-life insurance premium, up from 11.72% in the corresponding period a year-ago. This represents a gain of 2.38 percentage points. In contrast, the share of general insurers — which offer a wide range of cover for motor, fire, marine and marine segments — declined to 85.34% from 86.43%, a fall of 1.09 percentage points, according to GI Council’s provisional data for the cumulative four-month period ended July 2026.
The shift becomes more striking when viewed through premium collections. General insurers recorded a cumulative gross direct premium of Rs 101,812 crore during the four months ended July 2026, up 8.09% from Rs 94,196 crore a year earlier. Standalone health insurers, however, grew much faster, with premiums rising 31.74% to Rs 16,827 crore from Rs 12,773 crore, data from GI Council, the body that represents non-life insurers.
“General insurers have witnessed a decline in fire insurance premium income. They reported a growth of 19.9% in the health insurance segment for three months ended June 2026,” said an insurance official
Mixed performance
The trend is consistent with the broader pattern seen in FY26, when standalone health insurers’ market share had already risen to 13.6% from 12.5% a year earlier. The sector has benefited from strong demand for health cover, with the scrapping of GST on retail health insurance also supporting affordability and policy sales
Among the five largest general insurers by market share in the July 2026 data, performance has been mixed. New India Assurance remains the largest general insurer, but its overall market share fell to 14.27% from 15.08%, a decline of 81 basis points. Its cumulative premium grew 3.58% to Rs 17,023 crore
ICICI Lombard General Insurance, the second-largest among the five, saw its market share decline to 8.99% from 9.38%, a fall of 39 basis points. Its premium nevertheless increased 4.95% to Rs 10,723 crore. United India Insurance was relatively stable, with market share edging down to 7.19% from 7.24%. Its cumulative premium grew 8.69% to Rs 8,572 crore
Health insurers gain
The other two major players bucked the market-share decline. Tata AIG General Insurance increased its share to 7.07% from 5.91%, while its premium surged 30.86% to Rs 8,430.85 crore. Bajaj General Insurance also gained marginally, with market share rising to 6.83% from 6.67%. Its cumulative premium grew 11.98% to Rs 8,143.55 crore
Taken together, the five largest general insurers accounted for about 44.35% of the overall non-life premium market, broadly unchanged from 44.28% a year earlier. This suggests that the loss of share by the general insurance category is not simply a story of the largest insurers losing ground to smaller general insurers. Standalone health insurers are capturing a growing portion of the overall insurance premium pool.
Among standalone health insurers, Star Health remained the largest, with its market share rising to 5.11% from 4.69%. Its cumulative premium grew 19.06% to Rs 6,090.72 crore. Care Health recorded 42.12% growth, while Niva Bupa grew 32.30%. Aditya Birla Health Insurance reported an even stronger 45.06% increase, data shows
However, IRDAI revised its reporting format from October 1, 2024, excluding premiums from long-term policies. The regulator has clarified that insurers had already deducted these premiums from the current-year figures, making the reported growth rates not directly comparable with those of the previous year. The broader trend is clear. Standalone health insurers are growing significantly faster than general insurers, reinforcing their position in India’s increasingly health-focused non-life insurance market.
© The Indian Express Pvt Ltd
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