Micro-sized aluminum trihydrate (ATH) filled silicone rubber is useful as insulation in the electric power system. The addition of nanofillers can improve further, its overall performance. However, the degradation of such silicone insulator due to ageing has not yet been thoroughly analysed. Motivated by this, an investigation was done to observe the effect of ageing on the tracking, and the material characteristics of SiO2 nanofillers added micro-sized ATH-filled Silicone rubber. For this, the samples were prepared using different weight percentage of SiO2 nanofillers and were thermally-aged and water-aged in the laboratory environment. A well-regulated tracking-test setup was assembled, and the leakage current characteristics of the fresh, thermal-aged and water-aged samples were observed, as per international electro technical commission standard (IEC) 60,587. After tracking, the surface morphology of these samples was studied using scanning electron microscopy (SEM). Further, energy dispersive X-ray analysis (EDAX) was carried out to observe the elements present at the surface and, Fourier transform infra-red (FTIR) spectroscopy was conducted to study the changes in the chemical structure. Investigations through the leakage current, SEM, EDAX and FTIR revealed that the addition of nanofillers improved the tracking characteristics of the aged hybrid composite insulation samples, thereby minimising any early failures.