India non-life premiums surge 24.2% in November 2025

The growth was supported by higher premiums in health, fire, motor, and other segments.

India’s non-life insurance market in November 2025 reached a 13-month high, surging 24.2% year-on-year (YoY), the strongest monthly increase in FY 2026.

Premium collections stood at Rs 26,897.4 crore, a sharp rebound from 4.4% growth in November 2024 and 0.1% growth in October 2025.

The growth was supported by higher premiums in health, fire, motor, and other segments. A low base in November last year also helped lift the growth rate, according to a CareEdge Ratings report. 

Premium momentum improved as deferred policy issuances and renewals from October were completed, alongside normalisation in crop insurance execution.

Priyesh Ruparelia, director at CareEdge Ratings, said non-life insurance premiums crossed Rs 2.20 lakh crore year to date in FY 2026. 

He said growth was supported by regulatory measures, rising digital adoption, and an expanding middle-class customer base. 

He added that initiatives such as the Bima Trinity platform and wider insurtech adoption are expected to improve penetration and distribution efficiency. 

Standalone health insurers continued to gain share in retail lines, whilst the motor insurance outlook remains positive due to strong vehicle sales following the GST reduction and the possibility of higher third-party premiums.

Saurabh Bhalerao, associate director at CareEdge Ratings, said the rebound was driven by a recovery in motor own-damage and fire insurance, festive-related vehicle sales, pricing improvements at renewal, steady commercial activity, and strong demand for health insurance. 

He cautioned that sustained growth will depend on pricing discipline, distributor incentives amid lower commissions, and the pace of recovery in government-linked schemes. 

He added that any sharp cut in distributor commissions to offset the loss of input tax credits could pressure distribution channels and weigh on future premium growth.