India Non-Life Insurance: Health insurers’ fates could be turning around; distributors may see big disruption due to upcoming reforms

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India Non-Life Insurance: Health insurers’ fates could be turning around; distributors may see big disruption due to upcoming reforms

Global Markets Research

25 June 2026India Non-Life Insurance

EQUITY: INSURANCE

Research Analysts21st century’s Mahabharat

India Financials

Health insurers’ fates could be turning around; distributors Shreya Shivani - NFASL

shreya.shivani@nomura.commay see big disruption due to upcoming reforms

+91 22 403 74804

The‘Mahabharat’isanancientIndianepicdepictingwarsamongmultiplekingdoms…a

Ankit Bihani - NFASLtheme,whichwebelievemirrorsthecompetitivelandscapeofthedomesticnon-life ankit.bihani@nomura.com

insuranceindustry. +91 22 403 74135

Non-life insurance industry characterised by intense rivalry and frictions Shreyas Pimple - NFASL

India’s non-life insurance industry (FY26 gross premiums of INR3351bn) is a combination of shreyas.pimple@nomura.com

three industries: i) health insurance (41% of premium mix as of FY26), ii) motor insurance +91 22 403 74029

(32% of mix); and iii) commercial insurance. Each of these sub-industries operate in their own

unique ecosystem which includes other non-financial entities such as hospitals, distributors,

reinsurers, judicial system, corporates, etc. Thus, intense price wars and friction with non-

financial entities are a unique feature of this industry. In our view, this makes the industry ripe

for innovation/disruption (either by regulators or industry participants).

Health insurers at war with hospitals; motor insurers busy infighting

The health insurance ecosystem includes distributors, hospitals and third-party administrators.

Hospitals and health insurers have been at war since the end of COVID due to high medical