Public Sector Insurers — Regulatory Data
These four insurers are government-owned and together account for a significant portion of India's general insurance market. All data is sourced from IRDAI public disclosures and extracted from mandatory quarterly regulatory filings.
Key Regulatory Metrics
| Insurer | Type | Solvency Ratio (latest) | Annual GWP | Incurred Claim Ratio |
|---|---|---|---|---|
| National Insurance Company | general | -1.22x ⚠Q1 FY26-27 | ₹16,833 croreFY25-03 | 98.9%Q1 FY26-27 |
| New India Assurance | general | 1.80xQ1 FY26-27 | ₹42,831 croreQ4 FY25-26 | 103.4%Q1 FY26-27 |
| Oriental Insurance Company | general | -1.70x ⚠Q1 FY26-27 | ₹39,028 croreQ4 FY25-26 | 10011.0%Q1 FY26-27 |
| United India Insurance | general | -1.49x ⚠Q1 FY26-27 | ₹20,072 croreFY25-03 | 103.6%Q1 FY26-27 |
* Below IRDAI mandatory minimum of 1.5×. ⚠ Negative solvency margin reported — liabilities exceed available solvency margin. Source: IRDAI quarterly public disclosures.
Solvency Distress — National Insurance, Oriental Insurance, United India Insurance
Between FY20-21 and FY24-25, National Insurance Company and United India Insurance Company reported negative solvency ratios in multiple quarters — meaning their reported liabilities exceeded the available solvency margin, not merely falling below the IRDAI regulatory minimum of 1.5×. Oriental Insurance Company also reported negative solvency through FY23-24 and in Q4 FY24-25, with its position fluctuating in FY24-25.
IRDAI granted regulatory forbearance to these three insurers during this period, allowing them to continue operating. The Government of India has provided capital support through recapitalisation. More recent solvency data (FY25-26 onwards) for National Insurance and United India is not yet available on this platform. Oriental Insurance shows partial recovery to approximately 1.01× in Q1–Q2 FY25-26 based on available data.