According to the latest data released by the General Insurance Council (GIC), non-life insurance companies and standalone health insurers in India collectively received a gross premium of ₹1.18 lakh crore in health insurance during FY25. This marks a 9% growth compared to FY 2024, highlighting the sector’s continuing expansion in both group and retail health segments.
New India Assurance has emerged as the leading insurer, collecting a gross premium of ₹19,200 crore in its health insurance business in FY 2025. This represents a 4.77% increase over FY24 figures. The company accounts for approximately 16% of the total health insurance premiums collected across the country, reinforcing its position as a dominant player in the sector.
Star Health & Allied Insurance secured the second position, reporting a health insurance premium collection of ₹16,500 crore, contributing around 14% to the total market share in FY25. The Oriental Insurance Company stands third, albeit at a significant distance, with a premium collection of ₹8,243 crore during the same period.
Several other insurers also made notable contributions to the industry’s growth. Care Health and Bajaj Allianz recorded premium collections of ₹8,140 crore and ₹7,800 crore, respectively.
National Insurance, ICICI Lombard, United India Insurance, Niva Bupa, and HDFC Ergo complete the list of the top 10 health insurance companies. Together, these 10 insurers accounted for approximately 80% of the total health insurance premiums collected in FY 2025.
In the retail health insurance segment, Star Health & Allied Insurance holds a commanding lead with a collected premium of ₹15,400 crore. Care Health follows with ₹5,100 crore in premiums.
Other notable players include Niva Bupa with ₹4,400 crore, HDFC Ergo General Insurance with ₹4,200 crore, and New India Assurance with ₹3,400 crore. The overall health insurance premium from individual retail policies stood at ₹47,300 crore in FY25.
Read More: What is Life Insurance & How it Works? Types, Benefits.
Group health insurance policies generated a gross premium of ₹60,800 crore in FY25, reflecting a year-on-year growth of 10.54%. New India Assurance once again led the group health segment, with a premium collection of ₹13,000 crore. Oriental Insurance followed with ₹5,800 crore, while ICICI Lombard General Insurance collected ₹5,400 crore. National Insurance and United India Insurance reported group health premiums of ₹4,800 crore and ₹3,550 crore, respectively, reinforcing their significance in the corporate health insurance market.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Apr 28, 2025, 3:08 PM IST
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