New India Assurance, Star Health and United India Insurance are the top three health insurance companies in India according to gross premium collection in FY 2021, Star Health said in its draft IPO prospectus citing a study done by CRISIL Research on its behalf.
New India Assurance has 18% share while Star Health and United India command 16% and 11% share respectively. National Insurance and Oriental Insurance come in at fourth and fifth with 10% and 8% holding in total health insurance premium.
Market share is based on gross premium of FY 21 | Source: GI Council, CRISIL Research
Star Health is the only standalone health insurer (SAHI) in the top five list.
The study shows that Star Health has the highest market share in retail health insurance business. Of the total gross premium collection, 31% went to Star Health in FY 2021. In absolute terms, the insurer collected Rs 8,207 crore in FY 2021.
HDFC Ergo General is a distant second with 10% share. The company collected Rs 2,724 crore as premium in the previous financial year. New India Assurance, National Assurance and Oriental Insurance are the other names in the top five.
(*) CAGR growth is for merged entity (HDFC Ergo General and HDFC Ergo Health). HDFC Ergo Health CAGR growth is calculated for Fiscal 2018-Fiscal 2020 period. Source: GI Council, CRISIL Research
Aditya Birla Health registered the highest growth at CAGR of 94% during the FY 2018-FY 2021 period. With 52% growth, SBI General occupied the second spot. CARE Health and Star Health were the other insurers who registered over 30% growth in retail premium during the period.