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Non-life insurers reported yoy growth (ex-crop) of 14% in September and 12% in 2QFY27. While retail health stayed strong (~30% yoy growth consistently in the past 12 months), motor TP growth remained sluggish at 60% growth in retail health.

Commercial lines improve

The fire business was down ~15% yoy in September (down 27% yoy in 2QFY27). Marine was up ~30% yoy in September and 2QFY27. The engineering business was up ~10% yoy in 2QFY27. The business has been weak, likely reflecting low demand and pricing competition.

Motor TP growth moderates a bit, probably reflecting lower push

The motor TP business remained slow at 9% yoy growth in September 2026. Almost all the private players went slow, excluding SBI GI (up 32% yoy versus 11-20% in the last two months). One of the probable reasons for slower growth may be lower focus on most players in this segment, following the recent court ruling on third-party compensation for homemakers. While Bajaj General has accelerated in the motor OD business, ICICI Lombard’s growth has been rangebound at 11-12% yoy in the past two quarters. Among unlisted players, SBI GI stepped up (36% in 2QFY27), while Tata AIG decelerated a bit (19% in 2QFY27).

Health remains strong

Overall health GWP was up ~20% yoy in September 2026 and 2QFY27. Retail health grew much faster at ~30% in 2QFY27, led by private players (up ~45% yoy) and SAHIs (up ~35% yoy), while it grew only ~5% yoy for the PSUs. This is the last month before the post-GST high base sets in. ICICI Lombard stood out at 65% growth in retail health, followed by ~40% for SBI General and Tata AIG, while Bajaj General grew ~30% yoy. Among SAHIs, Star Health was stable at ~20% yoy, Niva Bupa at ~50% yoy; Aditya Birla grew fast at ~70% yoy. Growth in group health was moderate at ~15% yoy in 2QFY26 with ~25% growth for private and <10% for PSUs.

Player-wise trends

* ICICI Lombard was up ~15% yoy in September. GWP growth (ex-crop) was also ~15% yoy (10% YTD). Motor growth recovered to 12%, with 14% and 10% for OD and TP, respectively. Retail health was strong at ~60% yoy. Fire was down ~5% yoy.

* Growth recovered for Bajaj General. Bajaj General reported 19% yoy ex-crop GWP growth (9% in August), driven by motor (up 16% yoy, with motor OD up ~25%) and group and retail health (both up ~35% yoy).

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