Factuary

Indian Insurance Market Data — FY24-25

In FY24-25, 26 general insurersand 7 standalone health insurers reported gross written premium data to IRDAI. General sector total was ₹2.68 lakh crore. Standalone health sector total was ₹38,435 crore. All data sourced from the IRDAI Annual Report for fiscal year 2024-25.

General Insurance — Gross Written Premium (FY24-25)

InsurerGWPMarket Share
New India Assurance₹41,992 crore15.7%
ICICI Lombard General Insurance₹26,833 crore10.0%
Bajaj Allianz General Insurance₹21,417 crore8.0%
Oriental Insurance Company₹20,327 crore7.6%
United India Insurance₹20,072 crore7.5%
Tata AIG General Insurance₹17,703 crore6.6%
National Insurance Company₹16,833 crore6.3%
HDFC ERGO General Insurance₹15,817 crore5.9%
SBI General Insurance₹13,890 crore5.2%
Reliance General Insurance₹12,548 crore4.7%
Agriculture Insurance Company of India₹9,742 crore3.6%
Digit General Insurance₹8,472 crore3.2%
IFFCO Tokio General Insurance₹8,312 crore3.1%
Chola MS General Insurance₹8,124 crore3.0%
Universal Sompo General Insurance₹5,078 crore1.9%
Royal Sundaram General Insurance₹3,763 crore1.4%
Shriram General Insurance₹3,753 crore1.4%
Magma General Insurance₹3,334 crore1.2%
Liberty General Insurance₹2,246 crore0.8%
Acko General Insurance₹2,065 crore0.8%
Zurich Kotak General Insurance₹1,915 crore0.7%
ECGC₹1,367 crore0.5%
Zuno General Insurance₹992 crore0.4%
Kshema General Insurance₹771 crore0.3%
Raheja QBE General Insurance₹353 crore0.1%
Navi General Insurance₹100 crore0.0%
Total (26 insurers)₹2.68 lakh crore100%

Standalone Health Insurance — Gross Written Premium (FY24-25)

InsurerGWPMarket Share
Star Health Insurance₹16,716 crore43.5%
Care Health Insurance₹8,318 crore21.6%
Niva Bupa Health Insurance₹6,762 crore17.6%
Aditya Birla Health Insurance₹4,822 crore12.5%
ManipalCigna Health Insurance₹1,798 crore4.7%
Galaxy Health Insurance₹17 crore0.0%
Narayana Health Insurance₹2 crore0.0%
Total (7 insurers)₹38,435 crore100%

Incurred Claim Ratio — General & Health Insurers (FY24-25)

ICR = net claims incurred ÷ net premiums earned. Sorted lowest first within each type.

InsurerTypeICR
Agriculture Insurance Company of Indiageneral49.86%
ECGCgeneral54.69%
Bajaj Allianz General Insurancegeneral62.87%
Shriram General Insurancegeneral67.65%
Kshema General Insurancegeneral68.52%
Acko General Insurancegeneral69.59%
ICICI Lombard General Insurancegeneral70.64%
Generali Central Insurance (formerly Future Generali)general71.00%
Zuno General Insurancegeneral75.00%
Chola MS General Insurancegeneral75.73%
Digit General Insurancegeneral76.51%
Universal Sompo General Insurancegeneral77.15%
Tata AIG General Insurancegeneral77.30%
Royal Sundaram General Insurancegeneral79.25%
Magma General Insurancegeneral79.80%
Liberty General Insurancegeneral80.54%
HDFC ERGO General Insurancegeneral82.11%
SBI General Insurancegeneral82.41%
Reliance General Insurancegeneral82.63%
Zurich Kotak General Insurancegeneral84.00%
IFFCO Tokio General Insurancegeneral85.37%
Raheja QBE General Insurancegeneral89.47%
United India Insurancegeneral92.93%
New India Assurancegeneral96.61%
Oriental Insurance Companygeneral98.42%
National Insurance Companygeneral100.22%
Navi General Insurancegeneral101.00%
Aditya Birla Health Insurancehealth60.00%
Niva Bupa Health Insurancehealth61.22%
Care Health Insurancehealth64.53%
Star Health Insurancehealth69.24%
ManipalCigna Health Insurancehealth74.81%

Quarterly Data — FY24-25

Q1 →Q2 →Q3 →Q4 →

Other Financial Years

Source: IRDAI Annual Report 2024-25. GWP data from IRDAI Statement 3 (life) and Statement 7/10 (general/health). ICR from IRDAI NL-20 quarterly disclosures for the annual period ending March 2025.