There are over 30+ insurers providing over 100+ Health Insurance plans including 7 standalone health insurance companies (SAHI - highlighted in blue the above list):
- Acko (2016)
- Aditya Birla (2016)
- Bajaj Allianz (2001)
- Care Insurance (formerly Religare Health Insurance, started in 2012)
- Chola MS
- Galaxy
- Generali Central
- Go Digit
- HDFC Ergo (2002, earlier called Apollo Munich)
- ICICI Lombard
- Iffco Tokio
- Liberty
- Magma HDI
- Manipal Cigna
- Narayana
- National
- Navi
- New India Assurance
- Niva Bupa
- Oriental
- Raheja QBE
- Reliance General
- Royal Sundaram
- SBI General
- Shriram General
- Star Health
- Tata AIG
- United India
- Universal Sompo
- Zuno
- Zurich Kotak
The overall health insurance segment, encompassing premiums from both stand-alone and general insurers, grew by 7.7% in the first half of FY26 to reach Rs 64,240 crore, accounting for 38.9% of the total non-life insurance industry.
As of September 2025, standalone health insurance companies (SAHIs - highlighted in blue the above list) made up 30% of the health insurance market. New India Assurance leads the pack with a 17.6% share of total health premiums, followed by Star Health at 12.4%. Oriental Insurance holds 7%, Care Health has 6.6%, and ICICI Lombard comes in at 6.5%. Close behind is United India Insurance, with nearly a 6% share.
According to a Boston Consulting Group–Medi Assist report, retail health portfolios carry higher fraud risk than group portfolios.
Within group covers, fraud is consistently elevated in BFSI and healthcare.
Reimbursement claims pose the biggest threat: group reimbursement claims show 9x more fraud than group cashless, while individual reimbursement claims show 20x the incidence of group cashless.
Misrepresentation and document fabrication remain the top fraud types across IPD/ OPD.
Fraud risk clusters in mid-ticket claims (Rs 50,000-Rs 2.5 lakh), where incentives are high and oversight moderate.