Citi has released its initial assessment of November 2025 industry performance, stating that India’s non-life insurers delivered another strong month of growth, though ICICI Lombard continued to underperform while new-age players and specialised SAHI insurers strengthened their market position. The brokerage said Go Digit, Acko, Zuno and other tech-driven insurers maintained their growth momentum, driven largely by motor insurance, highlighting a continued shift in customer acquisition patterns and channel preferences.
According to Citi, ICICI Lombard’s growth remained disappointing for yet another month, with motor market share pressures persisting amid strong traction for digital-first competitors. In contrast, SAHI (Standalone Health Insurance) players recorded robust performance, reinforcing the positive structural outlook for health insurance penetration in India. Citi noted that this trend is incrementally favourable for distributors such as PB Fintech, which benefits from both retail health momentum and the rapid expansion of digitally sourced policies. The brokerage reiterated its 90-day negative catalyst watch on ICICI Lombard while maintaining a positive catalyst watch on PB Fintech, arguing that fintech-driven distribution is positioned to capture a larger share of incremental health insurance flows.
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