Robust Growth By SAHIs, Private GIs V/S PSU Insurers
FinTech BizNews Service
Mumbai, July 22, 2026: The Kotak Institutional Equities has come out with a special research report on Insurance.
Growth picked up in June
The non-life industry recorded strong growth in June 2026, with GWP growth at 18% yoy (ex-crop), primarily driven by health premiums (up 23% yoy) and motor insurance (up 14% yoy), while commercial lines such as fire and marine hull remained weak. For 1QFY27, industry ex-crop growth stood at 12% yoy. Among key players, ICICI Lombard reported healthy 14% yoy growth (8% in 1QFY27); Bajaj General reported strong 22% yoy growth, aided by health and motor TP. Niva Bupa continued to post strong growth (up 34% yoy), while Star Health reported steady 19% yoy growth.
Commercial lines, especially fire, declined 23% yoy (down 28% in 1QFY27), reflecting continued pricing pressure.
Retail health continued to anchor growth, reporting strong 33% yoy growth in June 2026 (31% in 1QFY27), following 28% growth in 4QFY26 and 33% in 3QFY26, while overall health premiums grew 23% yoy. Motor growth also picked up to 14% yoy, supported by both Motor OD (up 16%) and Motor TP (up 13%), consistent with healthy PV and 2W sales. In contrast, commercial lines, especially fire, declined 23% yoy (down 28% in 1QFY27), reflecting continued pricing pressure. The marine and engineering segments saw healthy growth of 27% and 25% yoy, respectively.
SAHIs reported robust 30% yoy growth, significantly outpacing general insurers
SAHIs and private GIs reported stronger growth than PSUs in the month. SAHIs reported robust 30% yoy growth, significantly outpacing general insurers, while private players reported 15% yoy growth versus 13% yoy for PSUs. Market share gains for SAHIs and private insurers continued, led by health insurance, with SAHI market share (ex-crop) up ~140 bps yoy to 15.9% and private GI market share broadly stable at 49.6% in June 2026 (up 70 bps yoy in 1QFY27 to 53..2%). Private GIs retained a strong position in motor insurance at 72.1%.
Player-wise trends
4 | Healthy growth for ICICI Lombard. GWP growth rose to 14% yoy for ICICI Lombard (versus 2-12% in April-May 2026 and 8% in 1QFY27), despite weakness in fire (down 19% yoy). Motor growth accelerated to 15% yoy, aided by motor TP (up 18%) and OD (up 12%). Health premiums grew 25% yoy, led by strong 70% yoy growth in retail health (aided by GST exemption-led demand pick-up). |
4 | Strong growth for Bajaj General. Bajaj General reported 22% yoy GWP growth (12% in 1QFY27), led by strong traction in health (up 82% yoy, aided by government schemes) and motor TP (up 21% yoy). Retail health grew 25% yoy and group health 25% yoy, while weakness in fire continued (down 20% yoy). |
4 | Strong growth for Niva Bupa. Niva Bupa reported strong 48% yoy growth in retail health, while group health growth moderated to 6% yoy in June 2026. Overall GWP growth was strong at 34% in June 2026 (32% in 1QFY27) versus 30% in April-May 2026. |
4 | Steady growth for Star Health. Star Health reported 19% yoy growth (19% in 1QFY27), supported by steady momentum in retail health. Retail health continued to grow at ~23% yoy, while group business remained under pressure (down 46% yoy), keeping overall growth moderate. Retail health market share moderated to 29.6% in June 2026 versus 31.9% in June 2025.. |
