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Health and motor segments drive growth, offset by decline in fire segment

* The industry's gross written premium (GWP) grew ~6% YoY to INR314b in Jul’26, led by a 26% YoY growth in the health segment, 14% YoY growth in the motor segment, and 42% YoY growth in the marine segment. This was offset by a 31% YoY decline in the fire insurance GWP.

* The motor segment’s GWP grew 14% YoY to INR94b, with Motor OD and Motor TP growing 17% and 12% YoY, respectively. The recovery in automobile sales following the GST changes in Oct’25 continues to drive double-digit growth in Motor OD.

* The health segment’s 26% YoY growth was driven by 32% YoY growth in retail health, 18% YoY growth in group health, and ~50% YoY growth in GWP from government schemes. Growth was broad-based across private players (+23% YoY), PSUs (+25% YoY) and SAHIs (+29% YoY).

* In Jul’26, GWP for private players grew 8% YoY to INR159b, while public players reported a 6% YoY growth to INR104b. SAHIs maintained industry-leading growth momentum, with GWP growing 29% YoY, aided by double-digit growth across all players.

* Among key multi-line insurers, United India was one of the fastest-growing players (+28% YoY). ICICIGI witnessed de-growth of 3% YoY, with a market share of 9% in FY27’YTD (9.4% in FY26YTD). Bajaj General posted a growth of 13% YoY, with a stable market share of 6.8%. Manipal Cigna was the fastest-growing SAHI (+43% YoY), while Niva Bupa/Star Health grew 34%/19% YoY.

Retail health’s contribution rises to 17% of GWP in Jul’26

* The overall health business grew 26% YoY to INR150.1b, led by 32% YoY growth in retail health to INR59.4b and 18% YoY growth in group health to INR72.7b.

* Within the retail health segment, SAHIs/private multi-line players grew 36%/43% YoY, while the public segment grew 6% YoY. Star Health grew 22% YoY, while all other SAHIs reported over 45% YoY growth (Niva Bupa at +47% YoY). ICICIGI reported a strong growth of 65% YoY, bringing its market share to 4.6% in FY27YTD, up from 3.6% in FY26YTD.

* In the group health segment, private players grew 26% YoY, with ICICIGI growing 10% YoY. SAHIs witnessed 10% YoY growth, within which Star Health dipped 41% YoY, but Niva Bupa grew 3% YoY. Public insurers grew 13% YoY.

Motor segment growing in mid-teens

* Motor GWP grew 14% YoY to INR94b, backed by 17% YoY growth in motor OD and 12% YoY growth in motor TP.

* Within motor OD, private players grew 17% YoY. Within this, ICICIGI posted a 16% YoY growth and BGen reported a 18% YoY growth. Public players posted an 18% YoY growth, with New India Assurance outperforming (+34% YoY). Other notable performance included 46% YoY growth in HDFC Ergo and 29% YoY growth in SBI General.

* Within motor TP, private players grew 12% YoY. Within this, ICICIGI rose 18% YoY and BGen reported a growth of 27% YoY. Public players reported an 11% YoY growth. The rate hike remains a key growth monitorable in motor TP.

Performance of key players in FY27YTD

* ICICIGI reported an 5% YoY growth (market share of 9% vs. 9.4% in FY26YTD).

* Bajaj General reported a growth of 12% YoY (market share of 6.8% vs. 6.7%).

* STARHEAL registered a growth of 19% YoY (market share of 5.1% vs. 4.7%).

* NIVABUPA recorded a growth of 32% YoY (market share of 2.5% vs. 2.1%)

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