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The latest data released by the General Insurance Council shows that the health insurance companies received gross premium of Rs.59,600 crore in the first six months of FY 2025. The industry witnessed 9% growth compared to the corresponding period in the preceding financial year.
Overall, The New India Assurance maintains its position as the market leader with a total premium collection of Rs 10,100 crore in April-Sept 2025, commanding about 17% of the market share in the health insurance industry.
Star Health & Allied Insurance and Oriental Insurance Company take the next two spots with gross premium collection of Rs. 7,700 crore and Rs 4,400 crore, respectively.
Let us look at the table to know more about premium collection ranking of health insurers.
|
Rank |
Insurer |
Total premium collection till Sept 2024 (Rs. Cr) |
Market Share in % |
|
1 |
The New India Assurance |
10,068 |
16.89 |
|
2 |
Star Health & Allied Insurance |
7,721.76 |
12.95 |
|
3 |
Oriental Insurance Co |
4,439.20 |
7.45 |
|
4 |
Care Health Insurance |
4,063.88 |
6.82 |
|
5 |
ICICI Lombard General Insurance |
4,012.19 |
6.73 |
|
6 |
United India Insurance |
3,730.57 |
6.26 |
|
7 |
Bajaj Allianz General Insurance |
3,696.28 |
6.20 |
|
8 |
National Insurance Co |
3,523.30 |
5.91 |
|
9 |
Niva Bupa Health Insurance |
3,176.24 |
5.33 |
|
10 |
HDFC Ergo General Insurance |
3,042.95 |
5.10 |
Retail health
In terms of retail policies i.e. policies bought by individuals, Star Health & Allied Insurance tops with list with gross premium of Rs.7000 crore.
Care Health and Niva Bupa Health occupy the next two spots with premium collection of Rs. 2400 crore and Rs. 2200 crore, respectively.
Overall, the industry received total premium of Rs.22,220, a growth of 23% in one year.
Let us look at the top five players in retail health policies.
|
Rank |
Insurer |
Retail Health (Rs. Cr) |
|
1 |
Star Health & Allied Insurance |
7,033.42 |
|
2 |
Care Health Insurance |
2,383.67 |
|
3 |
Niva Bupa Health Insurance |
2,201.31 |
|
4 |
HDFC Ergo General Insurance |
1,970.67 |
|
5 |
The New India Assurance |
1,592.43 |
Group health
The group health segment grew by 11%. Here corporates buy group health policies for their employees.
The New India Assurance dominates this segment, followed by Oriental Insurance Co and ICICI Lombard General Insurance.
Here is the table based on group insurance premium.
|
Rank |
Insurer |
Group Health (Rs. Cr) |
|
1 |
The New India Assurance |
7,160.16 |
|
2 |
Oriental Insurance Co |
3,272.98 |
|
3 |
ICICI Lombard General Insurance |
3,148.09 |
|
4 |
United India Insurance |
2,230.60 |
|
5 |
Bajaj Allianz General Insurance |
2,159.63 |
Overseas medical
The top three players in this category are Tata AIG General Insurance, ICICI Lombard General Insurance and Bajaj Alliance General Insurance.
Overall, this segment recorded 14% growth with a total premium collection of Rs 800 crore.
Let’s take a look at the top 5 players.
|
Rank |
Insurer |
Overseas Medical (Rs. Cr) |
|
1 |
Tata AIG General Insurance |
265.86 |
|
2 |
ICICI Lombard General Insurance |
146.1 |
|
3 |
Bajaj Allianz General Insurance |
122.51 |
|
4 |
Care Health Insurance |
70.8 |
|
5 |
Reliance General Insurance |
66.97 |
Key Points:
- The top 10 insurers account for 80% of the total market share in the health insurance business
- Standalone health insurers like Star Health, Care Health, and Niva Bupa did remarkably well in retail segment
- Overall, while the general insurers account for 70% of the market share at Rs 41,800 crore, stand-alone insurers have 30% of the market share with premium collection of Rs 17,800 crore between April and September 2024
Segment growth
- Retail health: 23% growth
- Group health: 11% growth
- Overseas medical: 14% growth