India’s general insurance industry posted a sharp rebound in November, with gross direct premiums rising 24.2% year on year to ₹268.97bn, according to the data from the General Insurance Council (GIC) of India analysed by (Re)in Asia.
This rebound is a clear recovery from October, when industry premiums grew just 0.07% year on year to ₹296.2bn, masking uneven performance across the market. November, while lower in absolute volume month-on-month, showed much stronger underlying momentum, driven by a broad-based pickup across insurer segments.
General insurers, which account for the bulk of non-life premiums, recorded 22.4% year-on-year growth in November, lifting collections to ₹224.2bn. Standalone health insurers outperformed the market, with premiums rising 36.1% to ₹37.1bn.
Specialised insurers returned to growth, posting a 25.2% increase to ₹7.69bn, reversing the sharp contraction seen in October, which had been driven largely by volatility in crop insurance.
Bajaj posts triple-digit growth
Among the category of large insurers (FY24-25 annual gross direct premiums above ₹100bn), Bajaj General Insurance recorded the strongest growth, with gross direct premiums surging 193% YoY to ₹39.99bn, its highest monthly tally in the last financial year.
The jump comes after a year of regulatory milestones for Bajaj Finserv’s buyout of Allianz’s 26% stake, cleared by the Competition Commission of India (CCI) in May and followed by a rebrand in October ahead of expected completion in November.
Tata AIG and SBI General maintained strong momentum, growing 25.9% to ₹16.2bn and 35.4% to ₹11.3bn, respectively, while Star Health reported a 19.6% increase to ₹11.3bn, keeping health-led growth firmly in place.
In contrast, several public-sector insurers were under pressure, with National Insurance (-24.8%) and Oriental Insurance (-1.4%) declining, while New India Assurance, the country’s largest player by premiums, posted a strong 10.8% increase to ₹27.8bn.
Mid-tier gains remain health-led
Medium-sized players (insurers with FY24-25 annual gross direct premiums between ₹30bn and ₹100bn) delivered broad-based growth, led by health-focused players.
Aditya Birla Health (+67.9%) and Niva Bupa (+47.1%) recorded strong expansions, while Care Health grew 37.6% to over ₹8bn.
However, the growth has come with rising distribution costs among the mid-tier health cohort. Commission-to-net written premium ratios have moved higher in 2024–25 for several key players, with Care Health at 20.15%, and Niva Bupa at 19.83%, following sharp increases in FY2023–24.
Aditya Birla Health remains a lower-commission outlier at 9.56%, pointing to a lighter commission load than peers.
Meanwhile, Agriculture Insurance Co. (AIC) of India rebounded 30.3% to ₹6.55bn after a steep drop to ₹3.1bn in October.
Low-base surges continue
Results were the most volatile among small insurers (FY24-25 annual gross direct premiums below ₹30bn).
New health insurers continue to post eye-catching percentage growth off low bases, with Narayana Health Insurance jumping more than 7,500% and Galaxy Health up over 1,700% year on year.
General insurers such as Raheja QBE and Zuno General showed improving momentum after a softer run earlier in FY2025. Raheja QBE rose from ₹168.5m last year to ₹290.7m in November, while Zuno General stayed above the ₹1bn mark for a second straight month at ₹1.08bn, supporting its double-digit year-on-year growth.
More established players such as ManipalCigna Health, Acko General, and Liberty General continued to expand at a steadier pace, while Kshema General Insurance recorded another sharp decline. The contraction comes following the insurer’s recent $20m funding approval from the UN-backed Green Climate Fund to strengthen solvency capital and scale its tech-led crop insurance offering for smallholder farmers.
