PSU vs Private General Insurers — Comparison
Four government-owned (PSU) general insurers compared against four large private players on key regulatory metrics. Group averages shown at bottom. Source: IRDAI public disclosures.
| Metric | New India Assurance | National Insurance | Oriental Insurance | United India | PSU avg | ICICI Lombard | Bajaj Allianz General | HDFC ERGO | Tata AIG | Pvt avg |
|---|---|---|---|---|---|---|---|---|---|---|
| GWP (₹ cr) | 12,464 Q1 FY26-27 | 16,833 FY25-03 | 11,858 Q1 FY26-27 | 20,072 FY25-03 | 15,307 | 8,297 Q1 FY26-27 | 21,417 FY25-03 | 15,025 Q4 FY25-26 | 17,703 FY25-03 | 15,610 |
| ICR (%) | 103.38% Q1 FY26-27 | 98.91% Q1 FY26-27 | 10011.00% Q1 FY26-27 | 103.63% Q1 FY26-27 | 2579.23% | 76.40% Q1 FY26-27 | 74.28% Q1 FY26-27 | 87.51% Q1 FY26-27 | 74.00% Q1 FY26-27 | 78.05% |
| Solvency | 1.80× Q1 FY26-27 | -1.22× Q1 FY26-27 | -1.70× Q1 FY26-27 | -1.49× Q1 FY26-27 | -0.65× | 2.00× Q1 FY26-27 | 2.54× Q1 FY26-27 | 2.18× Q1 FY26-27 | 1.84× Q1 FY26-27 | 2.14× |
| Combined Ratio | 121.44% Q1 FY26-27 | 134.36% Q1 FY26-27 | 11916.00% Q1 FY26-27 | 139.12% Q1 FY26-27 | 3077.73% | 107.20% Q1 FY26-27 | 104.66% Q1 FY26-27 | 110.59% Q1 FY26-27 | 111.00% Q1 FY26-27 | 108.36% |
PSU = government-owned insurer. ICR = incurred claim ratio. Group averages are unweighted means of available data. "—" = data not yet extracted.General insurer rankings → ·General market share →