ANCHOR REPORT Global Markets Research 25 June 2026 India Non-Life Insurance: 21st century's Mahabharat Initiate with Buy on Niva Bupa & Star Health India's non-life insurance industry recorded a 13% total gross premiums CAGR over FY16-26 to INR3,351bn as of FY26. This industry is divided under three main sub- segments: i) health (41% of premium mix as of FY26) which was the fastest subsegment with a 19% FY16-26 gross premium CAGR; ii) motor (32% of FY26 mix), with a reported 10% FY16-26 gross premium CAGR; ...