India's non-life insurers see underwriting losses jump 50% to Rs 45,279 crore in FY26

In FY26, India's non-life insurance industry recorded underwriting losses of Rs 45,279 crore, a near-50% rise from the previous year’s Rs 30,288 crore, even as gross direct premium income grew 9% to Rs 3.36 trillion after the GST rate rationalisation. Public-sector general insurers were hit hardest, with their combined loss expanding 58.3% to Rs 29,070.57 crore; United India Insurance’s loss more than doubled to Rs 8,335.7 crore, Oriental Insurance’s rose 84% to Rs 7,307.77 crore, and New India Assurance’s deficit grew 44% to Rs 8,801.9 crore, though it posted a net profit increase.

Among private players, Tata AIG General Insurance recorded the largest loss at Rs 2,442.25 crore, while ICICI Lombard’s loss grew 18% to Rs 1,023.63 crore; Bajaj General Insurance maintained the smallest loss at Rs 103.29 crore. HDFC ERGO reduced its loss by Rs 392.94 crore to Rs 1,042.89 crore. Standalone health insurers saw underwriting losses surge 63% to Rs 2,666.84 crore, with Care Health Insurance Ltd’s loss more than doubling to Rs 660.13 crore.