Agricultural insurance in H1 FY27: sharp decline in performance

According to preliminary data from the General Insurance Council and the Insurance Regulatory and Development Authority of India (IRDAI), in the first half of FY27, total non-life insurance industry premiums increased by 8.92 percent to ₹1,79,712 crore (compared to ₹1,64,987 crore in H1 FY26). Excluding specialized companies, the figure grew by 11.7 percent to ₹1,76,105 crore.

The relatively slow overall growth rate is attributed to a sharp contraction in the business volumes of the Agriculture Insurance Company of India. The company's collections plummeted by 57.2 percent to ₹2,866 crore in H1 FY27 compared to ₹6,703.98 crore in the corresponding period of the previous year. In September alone, the decline was 51 percent (down to ₹1,995.43 crore against ₹4,119.16 crore a year earlier), which continued to put pressure on the entire industry.

At the same time, other market segments demonstrated positive dynamics. Premiums of stand-alone health insurers grew by 30.69 percent to reach ₹25,586 crore, while private general insurers increased their aggregate collections by 9 percent to ₹1,50,518 crore.