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* The industry's gross written premium (GWP) grew ~5% YoY to INR329b in Sep’26, led by a 19% YoY growth in the health segment and 13% YoY growth in the motor segment. This was offset by a 14% YoY decline in the fire segment, a 28% YoY dip in the crop segment, and 35% YoY decline in the government health segment.

* The motor segment maintained double-digit growth momentum (13% YoY) with GWP at INR93b, driven by an 18% YoY growth, while Motor TP grew 10% YoY.

* The health segment’s 19% YoY growth was driven by 32% YoY growth in retail health, and 16% YoY growth in group health, while GWP from government schemes declined 35% YoY. Growth for private players/SAHIs stood at 29%/26% YoY, while public players grew 2% YoY in Sep’26.

* In Sep’26, GWP for private players grew 14% YoY to INR173b, while public players posted 10% YoY growth in GWP, reaching INR92b. SAHIs retained their industry-leading growth momentum, with GWP rising 25% YoY, aided by double-digit growth across all players.

* Among key multi-line insurers, SBI General was one of the fastest-growing players (+33% YoY). ICICIGI witnessed better-than-industry growth of 14% YoY, with a market share of 8.4% in FY27YTD (8.7% in FY26YTD). Bajaj General posted 7% YoY growth, with market share improving slightly to 7.1% (7.0% in FY26YTD). Care Health was the fastest-growing SAHI (+45% YoY), while Niva Bupa/Star Health grew 33%/16% YoY.

* While the industry continues to witness a recovery in motor segment growth trajectory and maintains strong momentum in the health business, uncertainty around the final commission regulations remains a key overhang for future growth and economics. Potential rate modifications in motor TP is also a key monitorable

Retail health on a roll

* The overall health business grew 19% YoY to INR128.3b, led by 32% YoY growth in retail health to INR57.4b and 15% YoY growth in group health to INR65.4b.

* Within the retail health segment, SAHIs/private multi-line players grew 34%/46% YoY, while the public segment grew 7% YoY. Star Health grew 18% YoY, while all other SAHIs reported growth of over 30% YoY (Niva Bupa at +46% YoY). ICICIGI reported a strong growth of 61% YoY, bringing its market share to 4.7% in FY27YTD, up from 3.7% in FY26YTD.

* In the group health segment, private players grew 36% YoY, with ICICIGI growing 16% YoY. SAHIs witnessed tepid growth of 2% YoY, within which Star Health dipped 28% YoY, and Niva Bupa dipped 1% YoY. Public insurers grew 2% YoY

Motor OD grows in high-teens

* Motor GWP grew 13% YoY to INR93b, backed by 18% YoY growth in motor OD, while Motor TP grew 10% YoY.

* Within motor OD, private players grew 18% YoY. Of this, ICICIGI posted a 14% YoY growth and BGen reported a 26% YoY growth. Public players posted a 16% YoY growth, with New India Assurance at 17% YoY. Other notable performance included 33% YoY growth in HDFC Ergo and 47% YoY growth in SBI General.

* Within motor TP, private players grew 10% YoY. Of this, ICICIGI rose 10% YoY and BGen reported a growth of 8% YoY. Public players reported a 9% YoY growth

Performance of key players in FY27YTD

* ICICIGI reported a GWP growth of 5% YoY (market share of 8.4% vs. 8.7% in FY26YTD).

* Bajaj General reported a growth of 11% YoY (market share of 7.1% vs. 7.0%).

* STARHEAL registered a growth of 19% YoY (market share of 5.3% vs. 4.9%).

* NIVABUPA recorded a growth of 33% YoY (market share of 2.6% vs. 2.1%).

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