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The latest IRDAI data shows that the non-life insurance industry has received gross premium of Rs.3.07 lakh crore in FY25, an increase of 6% in one year.
New India Assurance, ICICI Lombard General Insurance and Bajaj Allianz General are the top three players in the non-life industry.
Data shows that New India Assurance is at the top with the highest gross premium of Rs. 38,600 crore. The insurer commands 13% market share in the non-life business.
ICICI Lombard General Insurance occupies the second spot with gross premium of Rs. 26,800 crore, recording 8.3% growth in one year and capturing 9% market share.
Bajaj Allianz General Insurance comes third by receiving gross premium of Rs. 21,400 crore in FY25. Its premium collection has grown by 4.6% in a year and it has a market share of 7%.
Not so far are United India Insurance and the Oriental Insurance with gross premium collection of Rs.20,100 crore and Rs.19,700 crore in FY25.
Among other non-life insurers in the top ten in terms of gross premium collection are Tata AIG General Insurance, Star Health & Allied Insurance, National Insurance, HDFC Ergo General Insurance and SBI General Insurance.
In terms of growth in premium collection in percentage terms, Navi General Insurance has recorded the highest growth in FY25. Its premium has risen by 41% last financial year.
Kshema General Insurance and Aditya Birla Health Insurance are the other two with healthy growth in percentage terms.
Of the 34 non-life companies, two are new – Galaxy Health and Narayana Health while three companies – AIC, HDFC Ergo General and IFFCO Tokio General have witnessed decline in their premium collection in one year.
Let us look at the table to know more:
|
Insurers |
Premiums for FY 24 |
Premiums for FY 25 |
Growth over Previous Year (In Rs. Crore) |
Growth over Previous Year (In %) |
Market Share |
|
|
The New India Assurance |
36996.17 |
38629.21 |
1633.05 |
4.41% |
12.57% |
|
|
ICICI Lombard General Insurance |
24776.12 |
26833.36 |
2057.24 |
8.30% |
8.73% |
|
|
Bajaj Allianz General Insurance |
20472.68 |
21416.80 |
944.13 |
4.61% |
6.97% |
|
|
United India Insurance |
19852.71 |
20073.65 |
220.94 |
1.11% |
6.53% |
|
|
The Oriental Insurance |
18288.34 |
19741.77 |
1453.43 |
7.95% |
6.42% |
|
|
Tata AIG General Insurance |
15091.37 |
17701.88 |
2610.50 |
17.30% |
5.76% |
|
|
Star Health & Allied Insurance |
15254.45 |
16716.12 |
1461.66 |
9.58% |
5.44% |
|
|
National Insurance |
15113.56 |
16522.03 |
1408.47 |
9.32% |
5.38% |
|
|
HDFC Ergo General insurance |
18567.55 |
15817.28 |
-2750.28 |
-14.81% |
5.15% |
|
|
SBI General Insurance |
12553.57 |
13889.65 |
1336.08 |
10.64% |
4.52% |
|
|
Reliance General Insurance |
11688.82 |
12548.37 |
859.56 |
7.35% |
4.08% |
|
|
Agricultural Insurance Company of India |
9940.57 |
9739.99 |
-200.59 |
-2.02% |
3.17% |
|
|
Go Digit General Insurance |
7941.11 |
8473.17 |
532.06 |
6.70% |
2.76% |
|
|
IFFCO Tokio General Insurance |
9835.08 |
8309.01 |
-1526.07 |
-15.52% |
2.70% |
|
|
Care Health Insurance |
6864.47 |
8296.55 |
1432.08 |
20.86% |
2.70% |
|
|
Cholamandalam MS General Insurance |
7532.88 |
8124.18 |
591.30 |
7.85% |
2.64% |
|
|
Niva Bupa Health Insurance |
5607.57 |
6762.23 |
1154.66 |
20.59% |
2.20% |
|
|
Future Generali India Insurance |
4910.91 |
5408.16 |
497.25 |
10.13% |
1.76% |
|
|
Universal Sompo General Insurance |
4622.43 |
5078.46 |
456.03 |
9.87% |
1.65% |
|
|
Aditya Birla Health Insurance |
3700.32 |
4821.70 |
1121.38 |
30.31% |
1.57% |
|
|
Royal Sundaram General Insurance |
3639.53 |
3764.51 |
124.98 |
3.43% |
1.22% |
|
|
Shriram General Insurance |
3036.05 |
3753.45 |
717.40 |
23.63% |
1.22% |
|
|
Magma General Insurance |
3044.18 |
3334.40 |
290.22 |
9.53% |
1.08% |
|
|
Liberty General Insurance |
2155.02 |
2245.35 |
90.33 |
4.19% |
0.73% |
|
|
Acko General Insurance |
1869.60 |
2064.92 |
195.32 |
10.45% |
0.67% |
|
|
Zurich Kotak General Insurance |
1587.10 |
1915.38 |
328.28 |
20.68% |
0.62% |
|
|
ManipalCigna Health Insurance |
1691.49 |
1797.56 |
106.07 |
6.27% |
0.58% |
|
|
ECGC |
1270.76 |
1366.54 |
95.78 |
7.54% |
0.44% |
|
|
Zuno General Insurance |
833.80 |
992.30 |
158.50 |
19.01% |
0.32% |
|
|
Kshema General Insurance |
568.50 |
771.47 |
202.96 |
35.70% |
0.25% |
|
|
Raheja QBE General Insurance |
295.89 |
353.23 |
57.34 |
19.38% |
0.11% |
|
|
NAVI General Insurance |
70.48 |
99.57 |
29.09 |
41.27% |
0.03% |
|
|
Galaxy Health Insurance |
New Company |
16.95 |
NA |
NA |
0.00% |
|
|
Narayana Health Insurance |
New Company |
2.39 |
NA |
NA |
0.00% |
|
|
GRAND TOTAL |
289673.11 |
307381.60 |
17708.50 |
6.11% |
100.00% |
|
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