Health Insurance in India — Regulatory Data
India has 7 IRDAI-licensed standalone health insurance companies. These insurers exclusively underwrite health insurance products. In addition, general insurers also sell health insurance. This page covers the standalone health insurers with available data in IRDAI quarterly public disclosures.
Gross Written Premium — FY25-03
Total across 7 standalone health insurers with data: ₹38,435 crore
| Insurer | GWP | Market Share |
|---|---|---|
| Star Health Insurance | ₹16,716 crore | 43.5% |
| Care Health Insurance | ₹8,318 crore | 21.6% |
| Niva Bupa Health Insurance | ₹6,762 crore | 17.6% |
| Aditya Birla Health Insurance | ₹4,822 crore | 12.5% |
| ManipalCigna Health Insurance | ₹1,798 crore | 4.7% |
| Galaxy Health Insurance | ₹17 crore | 0.0% |
| Narayana Health Insurance | ₹2 crore | 0.0% |
Source: IRDAI Annual Report. Market share within standalone health sector only (excludes health business of general insurers).Full FY24-25 data →
Incurred Claim Ratio — Top 5 (Lowest)
ICR = claims incurred ÷ net premiums earned. A lower ICR indicates the insurer retains more premium after paying claims. IRDAI regulatory data from NL-20 filings.
| Insurer | ICR | Period |
|---|---|---|
| Galaxy Health Insurance | 59.82% | Q1 FY26-27 |
| Star Health Insurance | 68.03% | Q1 FY26-27 |
| Care Health Insurance | 77.00% | Q1 FY26-27 |
| Niva Bupa Health Insurance | 78.82% | Q1 FY26-27 |
| ManipalCigna Health Insurance | 80.00% | Q1 FY26-27 |
Source: IRDAI quarterly NL-20 public disclosures.All ICR data →
Solvency Ratio — Standalone Health Insurers
IRDAI regulatory minimum is 1.5×. Values below minimum shown in red.Full solvency history →
| Insurer | Solvency | Period |
|---|---|---|
| Aditya Birla Health Insurance | 1.58x | Q1 FY26-27 |
| Care Health Insurance | 1.58x | Q1 FY26-27 |
| Galaxy Health Insurance | 3.95x | Q1 FY26-27 |
| ManipalCigna Health Insurance | 1.93x | Q1 FY26-27 |
| Narayana Health Insurance | 1.67x | Q1 FY26-27 |
| Niva Bupa Health Insurance | 2.25x | Q1 FY26-27 |
| Star Health Insurance | 2.09x | Q1 FY26-27 |
Source: IRDAI quarterly NL-26 public disclosures.