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SAHIs and private players outperform industry growth

* The industry's gross written premium (GWP) grew 24% YoY to INR69b in Nov’25, driven by 35% YoY growth in fire segment and 52% YoY growth in health segment.

* The motor segment grew 8% YoY to INR93.2b, with motor OD and motor TP segments growing 10% and 7% YoY, respectively.

* The health segment’s growth was largely driven by government schemes (GWP of INR24.6b in Nov’25 vs. INR0.3b in Nov’24). Retail health witnessed strong growth of 34% YoY, while group health grew 9% YoY.

* During the month, GWP for private players grew 35% YoY to INR157.6b vs. public players’ flat YoY performance with GWP of INR66.6b (mainly due to 25% YoY decline in National Insurance). SAHIs continue to benefit from GST exemption and 1/n impact going away, with GWP growth of 35% YoY to INR36.9b as all players recorded strong double-digit growth.

* Among key players, ICICIGI grew 7% YoY, while Bajaj General grew 193% YoY (owing to govt schemes). Go Digit/NIA reported growth of 20%/11% YoY. Niva Bupa posted strong growth of 47% YoY, while Star Health reported GWP growth of 19% YoY.

~33%+ YoY growth for second consecutive month in retail health

* The overall health business grew 52% YoY to INR115.4b, driven by 34% YoY growth in retail health to INR43.8b, 9% YoY growth in group health to INR46b, and government schemes at INR24.6b (vs. INR0.3b in Nov’24).

* Within the retail health segment, SAHIs/private multi-line players grew 36%/46% YoY. The public segment grew 11% YoY. Star Heath reported 22% YoY growth, while all other SAHIs reported 50%+ YoY growth (Niva Bupa at 55% YoY). ICICIGI reported strong growth of 89% YoY. GST exemption and end of 1/n impact likely boosted the growth momentum in retail health.

* In group health segment, private players witnessed growth of 23% YoY, with ICICIGI growing 27% YoY. SAHIs witnessed growth of 31% YoY, with Niva Bupa reporting 38% YoY growth and Star Health declining 20% YoY. Public insurers witnessed a decline of 8% YoY.

Motor segment growth stable at 8% YoY

* Motor GWP grew 8% YoY to INR93.2b, backed by 10% YoY growth in motor OD and 7% YoY growth in motor TP.

* Within motor OD, private players grew 14% YoY, while ICICIGI reported 12% YoY growth. Public players witnessed a decline of 7% YoY. While competitive intensity is high, GST reduction for motor vehicles and the resultant boost in automobile sales will likely help to maintain the growth trajectory for motor OD.

* Within motor TP, private players posted growth of 10% YoY, while ICICIGI reported a decline of 7% YoY. Public players reported growth of 2% YoY. The rate hike remains a key driver for growth in motor TP.

YTD performance of key players

* ICICIGI reported a growth of 2% YoY (market share of 8.6% vs. 9.1% in YTDFY25).

* Bajaj General reported growth of 11% YoY (market share of 7.9% vs. 7.7%).

* GO DIGIT recorded a growth of 14% YoY (market share of 3% vs 2.9%).

* New India recorded a growth of 13% YoY (market share of 12.8% vs 12.2%).

* STARHEAL registered a growth of 7% YoY (market share of 4.9% vs. 5.0%).

* NIVABUPA recorded a growth of 18% YoY (market share of 2.2% vs 2%).

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