Multi-line general, health insurers log muted growth after GST revamp

Multi-line general insurers grew 1.94% and standalone health insurers 3.09% in September, while specialised players saw strong premium expansion

Post the implementation of Goods and Services Tax (GST) reforms, multi-line general and health insurers recorded 1.94 per cent and 3.09 per cent growth, respectively, in September 2025.

 

According to data from the General Insurance Council (GIC), general insurers’ premiums saw a marginal increase to Rs 23,430.96 crore during the month, while standalone health insurers (SAHIs) reported growth to Rs 3,492.71 crore.

 

Earlier this month, the GST Council announced a complete exemption on all individual life and health insurance policies. Reinsurance of such policies has also been exempted to boost insurance penetration.

 

Mixed performance across multi-line insurers

 

 

Among the multi-line insurers, New India Assurance posted 3.52 per cent year-on-year (YoY) growth to Rs 3,252.03 crore, while ICICI Lombard recorded a 6.20 per cent rise to Rs 1,931.24 crore.

 

Among public sector general insurers, National Insurance reported a 20.12 per cent YoY drop in premium, while Oriental Insurance grew 4.45 per cent to Rs 2,181.82 crore and United India Insurance was up 23.36 per cent to Rs 1,626.98 crore.

 

HDFC Ergo saw a 3.87 per cent decline in premium to Rs 1,667.24 crore, while Bajaj Allianz General Insurance clocked 31.35 per cent YoY growth to Rs 2,218.80 crore, and Tata AIG General Insurance posted a 4.28 per cent rise to Rs 1,830.45 crore.

 

Overall, the non-life insurance industry recorded 13.17 per cent growth in premiums to Rs 31,177.59 crore, aided by strong performance from specialised insurers.

 

Health insurers see steady growth; specialised players surge

 

Star Health and Allied Insurance’s premiums were up 3.09 per cent YoY to Rs 3,492.71 crore, while Niva Bupa Health Insurance Company registered a 1.45 per cent decline to Rs 592.81 crore.

 

However, the numbers cannot be directly compared with those of the previous year, as the Insurance Regulatory and Development Authority of India (IRDAI) revised accounting formats for reporting long-term premiums effective from October 1, 2024. It is assumed that all companies have adjusted the long-term premiums accordingly for the current year.

 

On the other hand, specialised insurers saw 261.52 per cent growth in premiums to Rs 4,253.92 crore in September. Among them, Agriculture Insurance Company of India reported a 295.04 per cent YoY increase in premium to Rs 4,119.16 crore.

 

Non-life insurance outlook for April–September FY26

 

In the April–September period of FY26, non-life insurers are expected to record Rs 1.53 trillion in premiums, up 7.32 per cent YoY. General insurers posted 5.27 per cent YoY growth to Rs 1.31 trillion, while SAHIs registered 7.72 per cent YoY growth to Rs 19,623.95 crore. Premiums by specialised insurers rose 66.43 per cent YoY to Rs 7,378.17 crore.