Non-life insurance premium rose 9.5% year-on-year to Rs 1.19 trillion in the first four months of FY27, but the headline growth masks a sharp fall in crop and fire cover rates, according to General Insurance Council data.
Crop insurance premium slumped by more than two-thirds to Rs 1,183 crore from Rs 3,544 crore a year earlier, driven largely by Agriculture Insurance Company of India, whose crop premium fell 88.8% to Rs 173 crore. Fire premium declined 28.5% to Rs 10,062 crore, with its share of the non-life market dropping to 8.4% from 12.9%. Analysts attribute the fire decline to intense competition and discounts rather than a fall in risks covered.
Health and motor insurance grew at double-digit rates, supporting overall collections. CareEdge noted crop premium can be volatile due to the timing of kharif enrolments and government subsidy recognition.
Source: Mint (August 14, 2026)