India's general insurance sector experienced robust growth in November. Gross direct premium income surged by 24 percent year-on-year. This expansion was fueled by increased motor sales and a rebound in retail health insurance demand. Standalone h...
By ET Bureau | Updated:
Mumbai: India's general insurance industry turned in a strong performance in November, with gross direct premium income (GDPI) rising 24% year-on-year, powered by an increase in motor sales and a pickup in retail health demand after the Centre brought such policies out of the purview of the goods and services taxes (GST).
SAHIs (standalone health insurers), buoyed by the base effect of 1/n accounting and renewed buying interest in retail health, delivered a striking 36% YoY rise. Private multi-line insurers matched that momentum, expanding the GDPI 36% YoY. They outpaced public-sector peers, which saw a 0.4% YoY decline.
Analysts said the sharp divergence underscores the continued shift of consumer preference toward private players, particularly in motor and health, the two segments that likely drove sectoral growth last month.
Public sector insurers and standalone health insurers gained 39-basis points (bps) and 70-bps market share, respectively, rising to 31% and 12.2% of the market, while general insurers ceded 160-basis points YoY to stand at 52.9%. Among listed players, ICICI Lombard saw its GDPI increase 7.4% YoY amid intense price competition in motor insurance. Its FY26 to-date market share fell 49-bps to 8.6%. Go Digit reported a 20% YoY rise, although it was slower than the private insurers. Among large players, Bajaj Allianz General Insurance stole the spotlight with a runaway 193% YoY jump in GDPI. The company's FY26-to-date market share improved 18-bps to 7.9%.
Private multi-line insurers and health cover providers clock 35%+ growth, outpacing PSUs
