India’s general insurance industry opened 2026 on a strong footing, with gross direct premiums rising 14.88% year on year to ₹333.5bn (Approx US$3.69bn) in January, supported by a sharp jump in crop insurance and stronger retail health premiums, according to data released by the General Insurance Council (GIC) of India, compiled and analysed by (Re)in Asia.
The January print extends late-2025 momentum and is among the strongest months of the financial year, just below April’s ₹336.5bn, when fiscal-year renewals are typically booked.
General insurers grew 9.9% year-on-year to ₹265.4bn, below the overall market pace. In contrast, standalone health insurers expanded 23.6% to ₹45.3bn, while specialised insurers surged 86.4% to ₹22.8bn, albeit from a smaller base.
Despite the premium upswing, customer complaint intensity is drawing closer scrutiny, with the highest volumes concentrated among standalone health insurers. Numbers from The Council of Insurance Ombudsmen’s (CIO) FY2024-25 annual report, published this month, show Star Health received 12,186 complaints, followed by Care Health (4,423) and Niva Bupa (3,983). On a per-lakh policyholder basis, Star Health logged 51 complaints, versus 17 for Care and 18 for Niva Bupa.
Underwriting metrics also indicate sustained margin pressure. In FY2024-25, the health insurers’ combined ratios converged close to or above 100%, according to new data from the General Insurance Council, which was also published in February.
While claim settlement speed remains high across the sector, with standalone health insurers settling 99.93% of claims within three months in FY2024-25, profitability, service quality and complaint ratios are increasingly intertwined as competitive differentiators.
Private outpaces public peers
Among large insurers (FY24–25 annual gross direct premiums above ₹100bn), January 2026 performance shows a clear divergence between private-sector growth and public-sector pressure.
Private insurers largely outperformed the market average, with HDFC Ergo growing 19.3% year-on-year to ₹12.9bn, ICICI Lombard rose 16.25% to ₹29.8bn, SBI General expanded 17.4% to ₹20.3bn, and Star Health climbed 17.8% to ₹17.3bn.
Tata AIG also delivered steady double-digit growth at 10.5%, while Bajaj Allianz posted a moderate 8.7% increase.
In contrast, public-sector insurers showed mixed to negative trends. New India Assurance, despite remaining the largest by January premium at ₹35.2bn, declined 7.11% year-on-year. Oriental Insurance contracted sharply by 11.86% to ₹15.6bn, and National Insurance grew only 5.18%.
United India Insurance was the exception, rising 11.82% to ₹26.9bn, closer to market growth.
Even so, public-sector general insurers, including New India Assurance, have begun regaining market share in retail lines such as motor and health after years of losing ground to more agile private peers. The shift has been supported by improvements in claims settlement and digital servicing, alongside competitive pricing, particularly in motor.
AIC premiums surge
Medium-sized insurers, with FY24-25 annual gross direct premiums between ₹30bn and ₹100bn, delivered some of the strongest momentum in January 2026, with several players significantly outperforming the industry’s 14.88% YoY growth.
The standout was Agriculture Insurance Co. (AIC) of India. Premiums for the specialty agriculture insurer have swung between highs and lows in recent months, including a 65.% year-on-year decline last month. However, in January, premiums nearly doubled to ₹21.6bn, up 95.8% year-on-year. Beyond seasonality, the upswing aligns with India’s push to strengthen digital agriculture infrastructure that tightens farmer and crop verification for schemes such as the Pradhan Mantri Fasal BimaYojna (PMFBY).
Health-focused insurers also expanded sharply, amid commission pressures. Care Health rose 37.8% to ₹10.6bn, Niva Bupa increased almost 35% to ₹8.5bn, and Aditya Birla Health grew a steady 10% to ₹6.1bn.
Among diversified private players, growth was robust but varied. Go Digit climbed around 34% to ₹9.7bn, Universal Sompo surged 56% to ₹6.7bn, Royal Sundaram expanded 26%, and Shriram General rose 20.7%.
Not all players participated in the upswing. Future Generali India contracted 11% year-on-year, and Cholamandalam MS was largely flat at 0.34%.
Small end surges on low base
Smaller-sized insurers (FY24-25 annual gross direct premiums below ₹30bn) delivered the most volatile, and in several cases, explosive growth in January 2026, albeit from a low base.
Among the more established small private players, growth was strong and well above the industry average. Acko rose 43% year-on-year to ₹2.63bn, while Zuno expanded 43% to ₹1.34bn. Liberty General posted a solid 23.7% increase to ₹2.73bn, and Zurich Kotak more than doubled premiums, up 105% to ₹3.45bn, marking one of the most notable scale-ups in the segment.
Several newer or niche insurers reported triple-digit surges. Raheja QBE jumped 688% to ₹1.28bn, Galaxy Health climbed 661% (from a very small base of ₹29m last year), Kshema General rose 548%, and Navi General increased 188%.
