Non-life insurers’ premium grows 6.2% in FY25 at Rs 3.08 trillion

Non-life insurance premium data for March 2025

India’s non-life insurance industry reported a 6.2 percent year-on-year increase in gross direct premium in 2025, reaching Rs 3,07,611.84 crore, provisional figures released by the Insurance Regulatory and Development Authority of India (IRDAI) show.

In the previous year, the sector collected Rs 2.89 trillion in gross premium.

March was a slow month for the sector, which includes general, health, and specialised insurers, with a growth of just 0.49 percent from the year-ago period.

While general insurers continue to dominate with an 83.9 percent share of the overall market, standalone health insurers registered a robust 15.99 percent growth over the previous year.

General insurers, who wrote Rs 2,58,091.73 crore in gross premiums for the year, showed a moderate 5.2 percent growth compared to FY24.

March figures reveal stagnation with a 0.10 percent dip year-on-year, signalling a slowdown in policy issuances.

Among private players, SBI General Insurance led with a stellar 26.19 percent monthly growth and a 10.64 percent annual increase. Tata AIG's premiums grew by 13.41 percent in March and 17.31 percent cumulatively, crossing Rs 17,703 crore.

Future Generali and Shriram General Insurance also posted strong annual growth of 10.13 percent and 23.63 percent, respectively.

On the other hand, larger insurers like HDFC Ergo and Reliance General saw steep drops in their March premium collections, down 28.53 percent and 26.96 percent, respectively.

Public sector giants such as New India Assurance, Oriental Insurance, and United India Insurance grew at a modest pace, clocking between 1 percent to 8.4 percent annual growth.

Standalone health insurers collected Rs 38,413.57 crore in FY25, up 15.99 percent from the previous year. The segment now accounts for over 12.5 percent of the total non-life insurance market.

Care Health Insurance and Aditya Birla Health Insurance reported more than over 20 percent annual growth.

Star Health, the largest player in the segment, grew 9.58 percent annually and only 3.53 percent month on month in March.

In contrast, specialised insurers such as the Agriculture Insurance Co of India and ECGC Ltd witnessed a decline of 0.75 percent in cumulative premiums.