Niva Bupa, ICICI Lombard lead July insurance growth; Bajaj General, Star Health steady: Kotak
Growth was primarily driven by health premiums, which rose 26%, and motor insurance, which increased 14%, while commercial segments remained weak
August 20, 2026 / 12:07 IST
SAHIs and private general insurers reported stronger growth than PSU insurers during the month
- India’s non-life insurance grew 12% in July 2026 (ex-crop).
- Health (26%) & motor (14%) premiums drove growth.
- SAHIs & private insurers gained market share.
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India’s non-life insurance industry recorded 12% year-on-year gross written premium (GWP) growth, excluding crop insurance, in July 2026, moderating from 18% in June, Kotak Institutional Equities said in a recent note on Thursday
Growth was primarily driven by health premiums, which rose 26%, and motor insurance, which increased 14%, while commercial segments remained weak
Among key players, ICICI Lombard reported 13% year-on-year ex-crop GWP growth, compared with 8% in 1QFY27, while Bajaj General reported 11% growth, aided by motor and group health. Niva Bupa continued to post strong growth of 34%, while Star Health reported steady growth of 19%
“Retail health continued to anchor growth,” Kotak said, with premiums rising 31% year-on-year in July, in line with 1QFY27 growth. The brokerage said growth continued to be aided by the pick-up in demand following the GST exemption on health insurance
Motor growth remained steady at 14%, supported by motor own damage (OD), which grew 17%, and motor third-party (TP), which increased 12%, consistent with healthy vehicle sales
In contrast, fire insurance declined 31% year-on-year, compared with a 28% decline in 1QFY27, “reflecting continued pricing pressure”. Engineering growth moderated to 5%, while marine insurance remained strong, rising 42%, with marine hull up 61%
SAHIs and private general insurers reported stronger growth than PSU insurers during the month. SAHIs recorded 29% year-on-year growth, while private players reported around 17% ex-crop growth versus 6% for PSUs
“Market share gains for SAHIs and private insurers continued, led by health insurance,” Kotak said. SAHI market share excluding crop insurance increased around 150 basis points year-on-year to 14.8% in July, while private general insurers’ market share rose around 70 basis points to 50.8%. Private general insurers retained a strong position in motor insurance, with a 72.5% market share
For ICICI Lombard, motor growth accelerated to 17%, supported by motor TP growth of 18% and OD growth of 16%. Health premiums grew 25%, driven by 65% growth in retail health, while fire premiums declined 28%. Reported GWP declined 3% due to lower crop insurance, which Kotak attributed to a timing difference
Bajaj General’s 11% ex-crop GWP growth was driven by motor, which rose 23%, and group health, which increased 31%. Overall health growth was muted at 3%, dragged by a 62% decline in government schemes, while retail health grew 20%. Fire premiums declined 15%
Niva Bupa reported 34% overall GWP growth in July, with retail health premiums rising 47%, while group health growth moderated to 3%
Star Health reported around 19% GWP growth, supported by steady retail health momentum. Retail health grew around 22%, while group business declined around 41%. Its retail health market share moderated to 29.5% in July from 31.8% a year earlier
first published: Aug 20, 2026 12:05 pm
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