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This latest data by the General Insurance Council shows that The New India Assurance, ICICI Lombard and Bajaj Allianz are the top three non-life insurers in terms of premium collection.
The New India Assurance tops the table with premium collection of Rs.19,400 crore in April-September 2024.
ICICI Lombard and Bajaj Allianz occupy the next two spots with premium collection of Rs.14,400 crore and Rs.10,550 crore respectively.
United India Insurance with premium collection of Rs.10100 crore and The Oriental Insurance with Rs.10050 crore complete the list of top 5 general insurers.
Others in the top 10 include are Tata AIG, HDFC Ergo, National Insurance, Star Health and Allied and Reliance General.
These top ten insurers s account for 68% of the total premium collection.
Overall, the non-life insurance industry has received a total premium collection of Rs. 1.54 lakh crore in April-September 2024, marking a 7% growth over the previous year.
Let’s have a look at the table to know more:
General insurers/health insurers |
Total Premium Collections (in Rs. Crore) |
Market Share (%) |
The New India Assurance |
19390.98 |
12.60 |
ICICI Lombard |
14408.79 |
9.36 |
Bajaj Allianz General Insurance |
10557.14 |
6.86 |
United India Insurance |
10067.7 |
6.54 |
The Oriental Insurance |
10052.25 |
6.53 |
Tata AIG |
8946.44 |
5.81 |
HDFC Ergo |
8881.29 |
5.77 |
National Insurance |
7864.02 |
5.11 |
Star Health & Allied Insurance |
7813.29 |
5.08 |
Reliance General |
7279.87 |
4.73 |
SBI General |
6586.31 |
4.28 |
Go Digit General Insurance |
4376.62 |
2.84 |
Care Health Insurance |
4159.85 |
2.70 |
Cholamandalam MS General Insurance |
4092.01 |
2.66 |
IFFCO-Tokio General Insurance |
4030.49 |
2.62 |
Agriculture Insurance |
3832.34 |
2.49 |
Niva bupa health insurance |
3241.51 |
2.11 |
Future Generali India |
2714.92 |
1.76 |
Universal Sompo General Insurance |
2697.44 |
1.75 |
Aditya Birla Health Insurance |
2170.8 |
1.41 |
Royal Sundaram General Insurance |
1922.17 |
1.25 |
Shriram General Insurance |
1593.74 |
1.04 |
Magma HDI General Insurance |
1506.79 |
0.98 |
Liberty General Insurance |
1134.55 |
0.74 |
Acko General Insurance |
1041.42 |
0.68 |
Zurich Kotak Mahindra General Insurance |
935.23 |
0.61 |
ManipalCigna Health Insurance |
832 |
0.54 |
ECGC |
616.52 |
0.40 |
Zuno General Insurance |
465.75 |
0.30 |
Kshema General insurance |
427.18 |
0.28 |
Raheja QBE General Insurance |
244.56 |
0.16 |
Navi General Insurance |
26.65 |
0.02 |
Narayana Health Insurance |
0.12 |
0.00 |
Fire Insurance
The fire insurance segment has received premium collection of Rs.14,450 crore. The segment makes up 9% of the total non-life premium collection.
The segment is dominated by The New India Assurance, which collected over Rs.2000 crore, followed by ICICI Lombard and Bajaj Allianz at Rs.1900 crore and Rs.1500 crore, respectively.
These three players alone account for 37% of the fire insurance market.
Ranking based on fire insurance premium collection:
Insurers |
Total Premium Collections (In Rs. Crore) |
Market Share (%) |
The New India Assurance |
2005.5 |
13.88 |
ICICI Lombard General Insurance |
1884.33 |
13.04 |
Bajaj Allianz General Insurance |
1493.02 |
10.33 |
Tata AIG General Insurance |
1283.23 |
8.88 |
HDFC Ergo General Insurance |
1187.08 |
8.22 |
Marine Insurance
Marine insurance is split between Marine Cargo with the total premium of Rs. 2,200 crore and Marine Hull with Rs. 800 crore. The total insurance premium collection for Marine insurance is Rs 3000 crore, with a growth of 12% from the previous year.
ICICI Lombard with premium collection of Rs.530 crore, The New India Assurance with Rs.525 crore and Tata AIG with Rs.365 crore are the top three players in this segment. These three players alone make up for 48% of the total premium collections under Marine Insurance.
Ranking based on Marine Insurance premium:
Insurers |
Total Premium Collections (In Rs. Crore) |
Market Share (%) |
ICICI Lombard General Insurance |
528.07 |
17.79 |
The New India Assurance |
524.5 |
17.67 |
Tata AIG General Insurance |
365.34 |
12.31 |
The Oriental Insurance |
244.22 |
8.23 |
United India Insurance Co |
223.39 |
7.52 |
Engineering insurance
Engineering insurance has witnessed healthy growth of 9% by collecting the total premium of Rs. 3000 crore in April-September 2024.
The three largest players are ICICI Lombard with premium collection of Rs. 530 crore, New India Assurance with Rs. 480 crore and United India with Rs. 290 crore.
Ranking based on Engineering insurance premium collection:
Insurers |
Total Premium Collections (In Rs. Crore) |
Market Share (%) |
ICICI Lombard General Insurance |
526.04 |
17.61 |
The New India Assurance |
481.82 |
16.13 |
United India Insurance |
293.06 |
9.81 |
Reliance General Insurance |
242.21 |
8.11 |
Bajaj Allianz General Insurance |
232.64 |
7.79 |
Motor insurance
Motor Insurance is the largest non-health segment, which is split between Motor own damage (OD) at Rs. 18,500 crore with 10% growth and Motor third-party (TP) with Rs. 26,000 crore and 8% growth. It makes up 29% of the total premium collected in non-life insurance.
The total premium collected is Rs.45,000 crore with a growth of 9% compared to last year. The leaders in this segment are ICICI Lombard with premium collection of Rs.4,850 crore, New India Assurance with Rs.4,600 crore and TATA AIG with Rs.4,000 crore.
Ranking based on Motor Insurance premium:
Insurers |
Total Premium Collections (In Rs. Crore) |
Market Share (%) |
ICICI Lombard General Insurance |
4,850.53 |
10.91 |
The New India Assurance |
4,605.33 |
10.36 |
Tata AIG General Insurance |
4,004.88 |
9.01 |
United India Insurance |
3,524.05 |
7.93 |
Bajaj Allianz General Insurance |
2,924.95 |
6.58 |
Health insurance
Health Insurance is the largest segment in the non-life insurance. It has received a total premium collection of Rs. 59,600 crore. It accounts for 39% of the total non-life premium collection.
Notable players are The New India Assurance with premium amount of Rs.10,100 crore, Star Health & Allied Insurance at Rs.7,700 crore and Oriental Insurance with Rs.4,400 crore.
Ranking based on health insurance premium:
Insurers |
Total Premium Collections (In Rs. Crore) |
Market Share (%) |
The New India Assurance |
10068.08 |
16.89 |
Star Health & Allied Insurance |
7721.76 |
12.95 |
The Oriental Insurance |
4439.2 |
7.45 |
Care Health Insurance |
4063.88 |
6.82 |
ICICI Lombard General Insurance |
4012.19 |
6.73 |
Aviation insurance
Aviation is a specialized segment with only 11 insurers participating it. It has recorded a growth of 2% with a total premium collection of Rs.540 crore.
New India Assurance alone has a 33% market share in this segment, with a premium collection of Rs.180 crore. It is followed by Tata AIG, which also has a sizable market share of almost 20% with premium collection of Rs. 110 crore, which is in turn followed by ICICI Lombard with 18% market share and premium collection of Rs. 100 crore.
Ranking based on aviation insurance premium collection:
Insurers |
Total Premium Collections (In Rs. Crore) |
Market Share (%) |
The New India Assurance |
177.72 |
33.10 |
Tata AIG General Insurance |
105.24 |
19.60 |
ICICI Lombard General Insurance |
96.33 |
17.94 |
The Oriental Insurance |
84.29 |
15.70 |
National Insurance |
25.26 |
4.70 |
United India Insurance |
18.55 |
3.45 |
Reliance General Insurance |
12.47 |
2.32 |
HDFC Ergo General Insurance |
9.35 |
1.74 |
Bajaj Allianz General Insurance |
7.69 |
1.43 |
SBI General Insurance |
0.08 |
0.01 |
Liability insurance
Liability is one of the fastest-growing segments, it has achieved nearly 20% growth over the last one year. The top players here are ICICI Lombard with premium collection of Rs.580, Tata AIG with Rs.460 crore and Bajaj Allianz with Rs.430 crore.
Ranking based on liability insurance premium:
Insurers |
Total Premium Collections (In Rs. Crore) |
Market Share (%) |
ICICI Lombard General Insurance |
583.78 |
18.78 |
Tata AIG General Insurance |
457.64 |
14.72 |
Bajaj Allianz General Insurance |
425.24 |
13.68 |
HDFC Ergo General Insurance |
396.91 |
12.77 |
The New India Assurance |
307.54 |
9.89 |
Personal Accident
Personal accident insurance has witnessed premium collection of Rs.5000 crore in April-September 2024. Oriental Insurance dominates this segment with premium collection of Rs. 1170 crore. SBI General and National Insurance occupy the next two spots with Rs. 570 crore and Rs. 470 crore, respectively.
Ranking based on personal accident premium:
Insurers |
Total Premium Collections (In Rs.Crore) |
Market Share (%) |
The Oriental Insurance |
1167.22 |
23.22 |
SBI General Insurance |
565.98 |
11.26 |
National Insurance |
472.1 |
9.39 |
The New India Assurance |
353.09 |
7.03 |
Go Digit General Insurance |
350.06 |
6.97 |