India’s non-life insurance insurance sector grows 13.5% YoY in April

Growth during the month was supported by renewals.

India’s non-life insurance industry reported a total premium of Rs 33,688.5 crore in April 2025, reflecting a 13.5% year-on-year growth. 

This marks a slowdown compared to the 15.9% growth recorded in April 2024. 

According to Saurabh Bhalerao, associate director at CareEdge Ratings, the industry’s shift to the 1/n rule, along with slower growth in health and private vehicle (PV) segments, has weighed on overall performance. 

Growth during the month was supported by renewals in the fire and engineering lines. For FY 2025, the industry crossed the Rs 3 lakh crore premium milestone. Continued regulatory support, investments in Insurtech, and increased digitisation are expected to aid further expansion. 

Growth prospects are also backed by demographic shifts and initiatives like the Bima Trinity. Standalone health insurers (SAHIs) are projected to maintain their lead in the retail health segment.

The motor insurance sector's performance will depend on trends in vehicle sales and any revision in third-party (TP) premiums. 

An upcoming regulation allowing composite licences is expected to intensify competition over the medium term. 

However, industry players remain cautious due to potential challenges from rising competition and global geopolitical risks, according to Priyesh Ruparelia, director at CareEdge Ratings.