India’s Biggest Motor Insurance Companies FY26

India’s motor insurance industry continued its steady growth in FY26, collecting over ₹1.08 lakh crore in gross premiums, a year-on-year increase of 9.21%. The sector remains highly competitive, with private and public insurers battling for market share.

Top 5 Motor Insurers

1. ICICI Lombard General Insurance

ICICI Lombard retained its leadership position as India’s largest motor insurer in FY26. The company collected ₹11,552 crore in motor insurance premiums, achieving 7.56% growth and capturing a 10.7% market share. Its strong distribution network and digital capabilities continue to support its market dominance.

2. New India Assurance

The largest public-sector insurer, New India Assurance, secured the second position with ₹10,727.51 crore in motor insurance premiums. The company recorded 2.23% growth and held a 9.9% market share, demonstrating its continued strength in the motor insurance segment.

3. Tata AIG General Insurance

Tata AIG emerged as the third-largest motor insurer with premium collections of ₹9,805.08 crore. The insurer registered 7.92% growth and commanded a 9.1% market share, reflecting its expanding presence in the private motor insurance market.

4. United India Insurance

United India Insurance maintained its position among the market leaders, generating ₹9,024.27 crore in motor insurance premiums. With 11.08% growth and an 8.3% market share, the insurer outperformed several larger competitors in terms of growth.

5. Bajaj Allianz General Insurance

Bajaj Allianz completed the top five with ₹7,277.77 crore in motor insurance premiums. The company recorded an impressive 14.79% growth rate, the highest among the top five insurers, and secured a 6.7% market share.

Best 3 Performers

1. Kshema General Insurance

• Premium: ₹1.24 crore

• Growth: 12,300%

• Market Share: 0.0%

• A new Insurer, Growth was from a very small base, making it the fastest-growing insurer in percentage terms.

  
  

2. Navi General Insurance

• Premium: ₹18.5 crore

• Growth: 102.19%

• Market Share: 0.0%

• More than doubled its motor insurance business during FY26.

  
  

3. Universal Sompo General Insurance

• Premium: ₹3,658.18 crore

• Growth: 61.29%

• Market Share: 3.4%

• The strongest performer among mid-sized insurers with meaningful market presence.

Best Performers Among Large Insurers

1. SBI General Insurance

• Growth: 16.48%

• Premium: ₹5,438.91 crore

2. Go Digit General Insurance

• Growth: 15.34%

• Premium: ₹6,763.72 crore

3. Bajaj Allianz General Insurance

• Growth: 14.79%

• Premium: ₹7,277.77 crore

Bottom 3 Performers

1. Raheja QBE General Insurance

• Premium: ₹123.46 crore

• Growth: -47.91%

• Market Share: 0.1%

• Recorded the sharpest decline in the industry.

  
  

2. Zurich Kotak Mahindra General Insurance

• Premium: ₹956.13 crore

• Growth: -5.13%

• Market Share: 0.9%

  
  

3. The Oriental Insurance Company

• Premium: ₹4,268.45 crore

• Growth: -4.82%

• Market Share: 3.9%

The motor insurance market remains highly concentrated. The top five insurers alone account for nearly 45% of the total market, with private insurers such as ICICI Lombard, Tata AIG and Bajaj Allianz continuing to gain ground, while public-sector insurers like New India Assurance and United India Insurance still maintain significant market presence.

Join us on the WhatsApp Community for automotive updates.