The industry, at a glance
IRDAI moves, product changes and market data that shape how you insure — curated from public reports so you always know what's changing. Every figure and headline links to its source.
Key industry data
₹3.36 lakh cr
GI Gross Direct Premium
FY26, up 9% YoY
Free Press Journal · FY20263.7%
Insurance Penetration
FY25; ~half the global average of 7.3%
IRDAI Annual Report 2024-25 · FY2025USD 97
Insurance Density
FY25 (life USD 72, non-life USD 25)
IRDAI Annual Report 2024-25 · FY2025₹47,005 cr
Life NBP (July)
July 2026, up 20.7% YoY
The Tribune (PTI) · Jul 2026₹1,27,417 cr
Health Insurance Premium
FY25, up 9.19% YoY
IRDAI Annual Report 2024-25 · FY2025113%
GI Combined Ratio
FY26, widened ~2 pts
Free Press Journal · FY202674
Registered Insurers
26 life, 25 general, 8 SAHI, 2 specialised, 13 reinsurers
IRDAI Annual Report 2024-25 · Mar 2025₹74.44 lakh cr
Industry AUM
FY25, up ~10% YoY
IRDAI Annual Report 2024-25 · FY2025~87%
Health Claims Settled ≤3 months
FY25 industry aggregate
IRDAI Annual Report 2024-25 · FY2025Latest developments
India’s general insurance industry records 9% growth in FY26, reaches ₹3.36 lakh crore
Gross direct premium income closed FY26 at about ₹3.36 lakh crore, up 9% YoY. Private insurers grew 10% vs 8% for PSUs; health led at 17% full-year growth (aided by GST rationalisation) and motor grew close to 9%.
Read at Free Press JournalLife insurers’ new business premium rises 21% to ₹47,005 crore in July; policy count nearly flat
Life insurers’ new business premium rose 20.7% YoY to ₹47,004.84 crore in July 2026, while the number of policies grew just 0.9% — group single-premium business (up ~31%) drove the gains. LIC’s first-year premium climbed 23.8% to ₹27,993.61 crore.
Read at The Tribune (PTI)IRDAI issues circular on monthly data submission for Index of Service Production
IRDAI directed general and health insurers (excluding reinsurers) to submit monthly gross direct premium, direct claims paid and investment income data starting July 2026, to support MoSPI’s new Index of Service Production.
Read at TeamLease RegTechBima Sugam’s first products set for September-end launch: IRDAI Chairman
IRDAI Chairman Ajay Seth said the Bima Sugam digital insurance marketplace’s initial motor, health and term products should go live by end-September 2026 as insurers complete technology integration. The platform is rolling out in phases.
Read at Business StandardNew IRDAI health insurance rules: what has changed for policyholders
Revised norms remove age caps on buying cover, cut the pre-existing-disease waiting period from four years to three, cap the moratorium period at five years, mandate faster cashless approvals, and limit senior-citizen premium hikes to 10% without prior approval. Retail health premiums are GST-exempt from 22 Sep 2025.
Read at Niva BupaADNIC secures India approval for GIFT City reinsurance branch
Abu Dhabi National Insurance Company (ADNIC) received IFSCA approval to set up a reinsurance branch in GIFT City, Gujarat, with the licence effective 1 April 2026 — marking its entry into India’s International Financial Services Centre.
Read at Life Insurance InternationalIRDAI clears Allianz Jio Reinsurance and Kiwi General Insurance to begin operations
At its 134th meeting (9 Mar 2026), IRDAI granted registration to Allianz Jio Reinsurance (a 50:50 Jio Financial–Allianz JV) and Kiwi General Insurance — following the amended insurance law (in force 5 Feb 2026) permitting 100% FDI in the re/insurance sector.
Read at Business StandardIRDAI releases 2026 claim settlement ratios; several insurers hit 100%, a few slip below 90%
IRDAI’s FY2024-25 claim-settlement data (claims settled within three months) showed standalone health insurers such as Aditya Birla Health, Galaxy Health, Narayana Health and Niva Bupa each at 100%, and Acko leading general insurers at 99.98%, while a few trailed below 90%.
Read at Angel OneThis page curates publicly reported insurance-industry news and data for general awareness. Figures are shown exactly as reported by the cited sources and may be revised by the original publisher. Nothing here is investment or insurance advice. For cover tailored to your needs, request a quote or speak with our team.