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SAHIs and private grow 32% and 12% YoY, respectively, while PSUs dip

* The industry's gross written premium (GWP) grew 9% YoY to INR241.9b in May’26, with marine being the fastest-growing segment (+40% YoY), while health maintained a double-digit growth trajectory for the fifth consecutive month.

* The motor segment grew 12% YoY to INR84b, with the motor OD and motor TP segments growing 15% and 10% YoY, respectively. The Motor OD segment continues its double-digit growth momentum for the sixth consecutive month.

* The health segment’s growth was driven by 31% YoY growth in retail health and 7% YoY growth in group health, which was offset by ~90% YoY decline in GWP from government schemes. Private players and SAHIs drove growth in this segment, reporting 23% and 32% YoY growth, respectively.

* During May, GWP for private players grew 12% YoY to INR133b, while public players reported a 4% YoY dip to INR70.3b. SAHIs retained industry-leading growth momentum, with GWP growing 32% YoY, aided by double-digit growth across all players.

* Among key multi-line insurers, Tata AIG was one of the fastest-growing players (+35% YoY). ICICI Lombard’s growth was better than the industry's at 11.6% YoY with a market share of 10.2% in May’26 (10.3% in May’25). Bajaj General posted a tepid growth of 1.6% YoY with a stable market share of 6.7%. Aditya Birla Health was the fastest-growing SAHI (+50% YoY), while Niva Bupa/Star Health grew 30%/19% YoY

Retail health grows +25% YoY for the eighth consecutive month

* The overall health business grew 14% YoY to INR103.7b, led by 31% YoY growth in retail health to INR47.2b and 7% YoY growth in group health to INR54.5b.

* Within the retail health segment, SAHIs/private multi-line players grew 36%/41% YoY, while the public segment grew 2% YoY. Star Health grew 22% YoY, while all other SAHIs reported 45%+ YoY growth (Niva Bupa at +45% YoY). ICICIGI reported a strong growth of 69% YoY, bringing its market share to 4.5% in YTDFY27 from 3.5% in YTDFY26. GST exemption is likely to boost the growth momentum.

* In the group health segment, private players witnessed 24% YoY growth, with ICICIGI growing 14% YoY. SAHIs witnessed 22% YoY growth, whereas Star Health dipped 40% YoY and Niva Bupa declined 1% YoY. Public insurers dipped 13% YoY

Motor segment maintains a double-digit growth momentum

* Motor GWP grew 12% YoY to INR84b, backed by 15% YoY growth in motor OD and 10% YoY growth in motor TP.

* Within motor OD, private players grew 16% YoY, while ICICIGI posted 11% YoY growth and BGen reported 5% YoY growth. Public players posted 11% YoY growth. High competitive intensity has resulted in a cautious approach by players, with a strong focus on profitable growth.

* Within motor TP, private players grew 13% YoY, while ICICIGI rose 18% YoY and BGen reported a growth of 7% YoY. Public players reported 4% YoY growth. The rate hike remains a key growth monitorable in motor TP.

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