Who’s Truly Shaping the Health Insurance Market in India?

 

The Indian health insurance industry is experiencing strong growth, fueled by rising healthcare costs and increasing consumer awareness. According to the latest data (April 2024 – March 2025), the industry’s gross direct premium touched a whopping ₹118,688 crore, marking a robust 9% overall growth. But who are the real game-changers in this competitive landscape?

 

General Insurers vs. Standalone Health Insurers (SAHI)

India’s health insurance market is broadly divided into:

• General Insurance Companies (which offer a range of insurance products including health)
• Standalone Health Insurance (SAHI) Companies (specialized solely in health insurance)

 
Let’s look at who’s leading and why it matters.

🔹 Top General Health Insurance Companies in India (7% Growth)

General insurers continue to hold a major chunk of the market. Leading the pack:

• New India Assurance – ₹19,195 Cr (Top General Insurer)
• Oriental Insurance – ₹8,243 Cr
• Bajaj Allianz – ₹7,829 Cr
• National Insurance – ₹7,772 Cr
• ICICI Lombard – ₹7,188 Cr
• United India Insurance – ₹7,036 Cr
• HDFC ERGO Health Insurance – ₹5,753 Cr
• SBI General Insurance – ₹3,434 Cr
• Tata AIG – ₹3,366 Cr
• Reliance General Insurance – ₹1,909 Cr

➡️ These companies offer diversified insurance plans including family health insurance, individual health plans, and corporate health insurance, making them key players in the overall market.

 

🔹 Standalone Health Insurance Companies (SAHI) – Fastest Growth at 16%

The SAHI segment is growing more than twice as fast as general insurers, driven by focused healthcare offerings and digital-first strategies. Key players include:

• Star Health & Allied Insurance – ₹16,526 Cr (Leading SAHI Insurer)
• Care Health Insurance – ₹8,135 Cr
• Niva Bupa Health Insurance – ₹6,635 Cr
• Aditya Birla Health Insurance – ₹4,447 Cr
• ManipalCigna Health Insurance – ₹1,768 Cr
•  

➡️ These providers focus solely on healthcare products like cashless health insurance, critical illness plans, top-up health insurance, and pre-existing disease coverage — making them highly consumer-centric.

 

Health Insurance Industry Insights: Key Takeaways

• New India Assurance continues to dominate with the highest premiums among general insurers
• Star Health Insurance is the leading SAHI player and a strong challenger to traditional players.
• The SAHI segment’s 16% growth signals a shift in consumer trust toward specialized health insurers.

India’s health insurance penetration is rising, especially in urban areas and tier-2 cities.

Final Thoughts

India’s health insurance market is rapidly evolving, with standalone health insurers outpacing traditional giants in growth. While general insurers like New India Assurance and Bajaj Allianz remain dominant, the rise of SAHI players like Star Health, Care Health, and Niva Bupa indicates a clear market shift.

 

As customer needs become more nuanced and technology reshapes the insurance journey, those who innovate and specialize will lead the charge in reshaping India’s health insurance landscape.

Hi, I’m Soumyajit.
For over 19 years, I’ve had the privilege of guiding more than 1,400 happy clients across Kolkata through the world of insurance and financial planning. Whether it’s life and health insurance, mutual funds, NCDs, or general coverage along with a claim settlement track record that’s close to 100%—my goal has always been the same: to offer honest, personalised advice you can trust.

If you're looking to protect what matters most, secure your future, or grow your wealth with confidence—I’m here for you, every step of the way. Let's connect