Bima Trinity initiative to boost insurance industry: CareEdge

The industry’s growth can be attributed to retail health and motor.

India’s non-life insurance industry recorded a premium of Rs 29,021.3 crore in January 2025, reflecting a growth rate of 6.6%, data from General Insurance Council showed.

However, a revision in the reporting format, which defers the recognition of premiums from long-term policies, has impacted year-on-year comparability.  

“The growth rate can be attributed to Retail Health and Motor TP, which offset weaknesses in the commercial lines [...] This differential is likely to persist till the base effect is mitigated,” said Saurabh Bhalerao, associate director at CareEdge Ratings said in a research note.

A supportive regulatory environment and the Bima Trinity initiative are expected to bolster industry growth. 

“Meanwhile, the growth story of the health insurance sector is expected to continue, with SAHIs continuing to dominate the retail insurance space. Furthermore, the expansion of the motor segment continues alongside vehicle sales and changes in TP tariffs,” Sanjay Agarwal, senior director at CareEdge Ratings also stated in the note.

CareEdge Ratings projects India’s non-life insurance market to grow at approximately 13% to 15% in the medium term. However, intensified competition and geopolitical uncertainties could pose challenges to the sector’s growth trajectory.