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Although the overall industry-level growth remains moderate for non-life players, competitive intensity appears to be waning, especially from the smaller private players. Go Digit and Niva Bupa have reported significant moderation in GWP growth to 10% and (-)1.4% yoy in September 2025 from 14-27% and 3-10%, respectively, in the previous two months. Bajaj General and Star Health have gained market share, growing at 31% and 9.2% yoy during the month. ICICI Lombard reported moderate 8% growth.

Industry-level growth remains moderate

The overall GWP growth (ex-crop) for the industry was moderate at 11% yoy, in line with the 10% yoy growth reported for YTDFY2026. Growth in key retail segments such as motor and retail health was lower at 7-8%. Strong growth in commercial lines has supported overall premium growth for the industry. Fire premiums were up 32% yoy in September 2025 and 21% in YTDFY2026, likely driven by a better pricing environment. PSUs remain aggressive in the fire segment, gaining 620 bps market share yoy to 42%. It was a strong month for the crop business, up 23% yoy.

Smaller players are slowing down, likely due to EoM pressure

* Bajaj Allianz fares better than peers. Bajaj Allianz reported strong 31% GWP growth in September 2025, up 10% yoy in 2QFY26 (ex-crop), leading to a sharp gain in market share to 7.7% from 6.5% in September 2024. The growth was largely driven by elevated government health premiums booked during the month. Adjusting for this, GWP growth was 13% in September 2025, 12% in 2QFY26 and 11% in 1HFY26. Growth in September 2025 was largely supported by fire (up 24% yoy), motor TP (up 24%) and group health (up 15% yoy). Retail health premiums declined 5% yoy and motor OD growth was muted at 5% yoy.

* Weakness in motor TP drags down overall growth for Go Digit. Go Digit reported muted 10% yoy GWP growth in September 2025 and 17% GWP growth in 2QFY26. Retail health, motor OD and fire reported strong 21-45% yoy GWP growth in September 2025, but weakness in motor TP (~40% of overall GWP) dragged down overall premium growth.

* ICICI Lombard reported moderate growth. ICICI Lombard reported moderate 8% GWP (ex-crop) growth in September 2025. Retail health and fire premiums grew at a strong pace of 25-36% yoy during the month. Motor premium growth remains moderate at 6% yoy despite a sequential pickup from (-)3% to +3% GWP growth reported in the previous four months.

* Star Health has maintained market share in retail health. Star Health reported moderate 9.2% growth in retail health in September 2025 and 7.6% in 2QFY26, in line with the industry (up 8.4% in September 2025 and 7.4% in 2QFY26). The company has maintained market share at 32.4% in the retail health segment. Group health continued to decline (down 54% yoy in September 2025).

* Growth moderates for Niva Bupa. Retail health growth for Niva Bupa dipped to 2.6% in September 2025 and 5.7% in 2QFY26. Group premiums also declined 7% yoy, leading to a 1.4% yoy decline in GWP for the company in September 2025; it was up 3.7% yoy in 2QFY26.

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