Non-life insurance premium rises 10% to ₹27,454.5 crore in August | Insurance News

Gross direct premium underwritten by non-life insurers rose 10.05 per cent year-on-year (Y-o-Y) to ₹27,454.5 crore in August, supported by strong growth in premiums of standalone health insurers.

The growth nearly doubled from 5.7 per cent in July 2026 and was significantly higher than the nearly 2 per cent Y-o-Y growth in August last year.

According to data from the General Insurance Council, multi-line general insurers recorded 8.70 per cent Y-o-Y premium growth to ₹22,267.5 crore in August, while standalone health insurers saw premium growth of 30.4 per cent to ₹4,377.14 crore.

Among multi-line general insurers, sector leader New India Assurance recorded 6.48 per cent Y-o-Y growth in premium to ₹2,339.3 crore, while premium at the largest private-sector insurer, ICICI Lombard, remained flat at ₹2,189.94 crore.

Public-sector insurers reported a mixed performance during the month. National Insurance’s premium declined 5.02 per cent Y-o-Y to ₹1,573.3 crore, and Oriental Insurance saw a 6.8 per cent decline to ₹1,135.8 crore. United India Insurance, however, saw 4.36 per cent Y-o-Y growth in premium to ₹1,482.05 crore.

Private insurers largely recorded growth during the month. HDFC ERGO posted a 58.4 per cent Y-o-Y increase in premium to ₹1,709.98 crore, while SBI General Insurance’s premium grew 27.56 per cent to ₹1,873.5 crore. Tata AIG General Insurance recorded 14.13 per cent growth to ₹1,639.5 crore, and Bajaj General Insurance posted 11.04 per cent growth to ₹2,291.08 crore.

Among standalone health insurers, Star Health recorded 19.9 per cent Y-o-Y growth in premium to ₹1,708.5 crore. Care Health Insurance posted 40.89 per cent growth to ₹1,049.9 crore, while Niva Bupa’s premium rose 37.51 per cent to ₹842.8 crore.

Specialised insurers, including ECGC and Agriculture Insurance Company of India, recorded a nearly 27 per cent Y-o-Y decline in premium to ₹809.88 crore. This was largely due to a 32.6 per cent decline in premium collected by the Agriculture Insurance Company of India.

During April-August of the financial year 2027 (FY27), gross direct premium underwritten by non-life insurers rose 9.58 per cent Y-o-Y to ₹1.47 trillion.

Multi-line general insurers recorded 8.20 per cent growth in premium to ₹1.24 trillion, while standalone health insurers posted 31.46 per cent growth to ₹21,204.3 crore. However, specialised insurers saw a nearly 53 per cent decline in premium to ₹1,476.5 crore, primarily due to lower premium collected by the Agriculture Insurance Company of India.