IRDAI data · FY2024-25 · published by IRDAI on 3 February 2026
Incurred Claim Ratio of Health Insurance Companies in India, FY2024-25
Across every health insurer in India, claims incurred were 87% of net earned premium in FY2024-25. Group health ran at 92%, retail policies at 78%. Among the ten largest health insurers by premium the ratio ranged from 62% (Niva Bupa Health Insurance) to 104% (Oriental Insurance).
Every insurer that writes health or personal accident business in India, from the regulator's own tables, with group and retail business apart and the two years before. Ordered by size, not by ratio, because the ratio is not a score.
Key takeaways
- The incurred claims ratio is net claims incurred divided by net earned premium: the share of each rupee of premium an insurer spent on claims in the year.
- Across every health insurer it was 87% in FY2024-25. Group health, the policies employers buy, ran higher at 92%; retail family and individual policies at 78%.
- 28 insurers wrote enough health business to compare, and this page carries all of them, with the group and retail split and the two years before.
- It is a different measure from the claim settlement ratio. That counts how many claims were paid; this weighs what was paid against what was collected.
- Above 100%, an insurer paid out more in claims than it earned in premium on that book, before any of its running costs.
On this page: Health insurers · Personal accident · What it measures · Questions
Incurred claims ratio of health insurance companies, FY2024-25
Health insurance excluding personal accident and travel. Ratio = net claims incurred ÷ net earned premium, both after reinsurance. Ordered by net earned premium, largest first, because a ratio is not a ranking: see below. Retail is family floater and individual policies together. A dash means less than ₹1 crore of premium in that segment, or claims incurred below zero because reserves from earlier years were released.
| # | Insurer | Net earned premium ₹ crore | Incurred claims ratio all health | Group employer policies | Retail family and individual | Government schemes | All health, FY2023‑24 | All health, FY2022‑23 |
|---|---|---|---|---|---|---|---|---|
| 1 | New India Assurance | 17,683 | 101.3% | 105.1% | 89.7% | 96.0% | 106.7% | 104.0% |
| 2 | Star Health & Allied Insurance | 14,659 | 70.5% | 90.4% | 69.0% | – | 66.8% | 65.3% |
| 3 | Oriental Insurance | 7,740 | 103.8% | 102.8% | 106.6% | 105.7% | 100.7% | 125.0% |
| 4 | National Insurance | 6,917 | 95.8% | 98.5% | 91.6% | 90.3% | 90.6% | 102.5% |
| 5 | United India Insurance | 6,671 | 100.1% | 106.0% | 98.6% | 89.9% | 109.7% | 89.2% |
| 6 | ICICI Lombard General Insurance | 6,322 | 85.5% | 89.3% | 68.3% | – | 82.6% | 83.1% |
| 7 | Care Health Insurance | 5,885 | 65.1% | 55.3% | 70.3% | – | 59.3% | 56.1% |
| 8 | Niva Bupa Health Insurance | 4,795 | 61.6% | 50.3% | 67.6% | – | 59.4% | 54.6% |
| 9 | Bajaj General (formerly Bajaj Allianz) | 3,843 | 90.0% | 92.9% | 77.1% | 93.8% | 88.9% | 79.9% |
| 10 | HDFC ERGO General Insurance | 3,562 | 87.0% | 81.5% | 89.9% | – | 85.6% | 85.4% |
| 11 | Aditya Birla Health Insurance | 3,030 | 76.0% | 79.3% | 64.9% | – | 73.0% | 63.5% |
| 12 | SBI General Insurance | 2,740 | 94.2% | 90.5% | 112.0% | – | 98.1% | 85.4% |
| 13 | Tata AIG General Insurance | 2,285 | 80.7% | 84.1% | 75.6% | 100.0% | 83.1% | 79.7% |
| 14 | ManipalCigna Health Insurance | 1,641 | 73.3% | 72.3% | 74.4% | – | 64.4% | 65.6% |
| 15 | Go Digit General | 1,446 | 90.1% | 90.6% | 70.9% | 91.9% | 100.5% | 85.6% |
| 16 | IndusInd General (formerly Reliance General) | 1,365 | 97.1% | 96.4% | 82.2% | 120.2% | 98.4% | 95.8% |
| 17 | Generali Central (formerly Future Generali India) | 1,251 | 99.4% | 101.4% | 88.0% | 100.9% | 90.1% | 81.6% |
| 18 | Magma General (formerly Magma HDI) | 816 | 86.2% | 87.2% | 72.3% | – | 88.5% | 74.7% |
| 19 | IFFCO Tokio General Insurance | 762 | 85.3% | 82.9% | 96.9% | – | 109.0% | 112.9% |
| 20 | Acko General Insurance | 754 | 58.5% | 55.8% | 86.4% | – | 59.4% | 88.5% |
| 21 | Cholamandalam MS General | 750 | 86.6% | 83.8% | 102.5% | 19.5% | 81.3% | 90.6% |
| 22 | Royal Sundaram General Insurance | 633 | 97.2% | 100.9% | 87.4% | – | 95.0% | 85.8% |
| 23 | Universal Sompo General Insurance | 627 | 96.4% | 83.9% | 150.8% | 108.8% | 115.5% | 109.4% |
| 24 | Zurich Kotak General (formerly Kotak Mahindra General) | 545 | 55.2% | 51.5% | 77.0% | – | 62.6% | 56.8% |
| 25 | Liberty General Insurance | 430 | 85.7% | 85.6% | 85.9% | – | 77.3% | 74.3% |
| 26 | Zuno General Insurance | 287 | 96.1% | 96.7% | 79.1% | – | 87.4% | 92.1% |
| 27 | Navi General Insurance | 61 | 106.1% | 25.3% | 120.7% | – | 61.6% | 60.1% |
| 28 | Raheja QBE General Insurance | 33 | 112.4% | 116.1% | 79.8% | – | 124.4% | 139.3% |
| All health insurers | 97,545 | 87.0% | 92.4% | 77.9% | 95.3% | 88.1% | 88.9% |
Listed, not compared, with less than ₹10 crore of net earned health premium in FY2024-25: Galaxy Health Insurance, Narayana Health Insurance, Shriram General Insurance.
Incurred claims ratio of personal accident insurance, FY2024-25
Personal accident cover, group and individual, same measure. Group is employer and association policies outside the government schemes.
| # | Insurer | Net earned premium ₹ crore | Incurred claims ratio all personal accident | Group employer policies | Individual | All PA, FY2023‑24 | All PA, FY2022‑23 |
|---|---|---|---|---|---|---|---|
| 1 | Oriental Insurance | 1,590 | 89.1% | 89.4% | 90.9% | 107.1% | 89.2% |
| 2 | SBI General Insurance | 866 | 44.9% | 46.2% | – | 58.1% | 52.8% |
| 3 | New India Assurance | 536 | 78.3% | 76.7% | 32.6% | 79.6% | 97.9% |
| 4 | National Insurance | 531 | 99.4% | 132.2% | 166.9% | 93.5% | 100.0% |
| 5 | ICICI Lombard General Insurance | 489 | 53.5% | 53.7% | 32.7% | 53.3% | 40.8% |
| 6 | United India Insurance | 334 | 44.2% | 87.4% | 52.4% | 96.6% | 99.5% |
| 7 | HDFC ERGO General Insurance | 298 | 63.0% | 65.4% | 53.4% | 45.8% | 32.6% |
| 8 | Cholamandalam MS General | 237 | 23.0% | 23.1% | 17.9% | 22.8% | 21.0% |
| 9 | Aditya Birla Health Insurance | 230 | 15.9% | 16.5% | 14.4% | 9.1% | 18.1% |
| 10 | IndusInd General (formerly Reliance General) | 202 | 50.7% | 46.7% | 213.0% | 54.6% | 58.7% |
| 11 | Bajaj General (formerly Bajaj Allianz) | 192 | 52.2% | 55.9% | 45.3% | 48.7% | 36.8% |
| 12 | Tata AIG General Insurance | 182 | 66.4% | 72.5% | 48.2% | 72.7% | 98.8% |
| 13 | Go Digit General | 178 | 41.5% | 41.4% | 46.4% | 61.3% | 23.9% |
| 14 | Care Health Insurance | 164 | 25.3% | 24.5% | 28.9% | 23.7% | 19.3% |
| 15 | Star Health & Allied Insurance | 158 | 49.7% | 60.9% | 48.0% | 35.4% | 44.3% |
| 16 | Generali Central (formerly Future Generali India) | 116 | 54.2% | 62.3% | 28.7% | 44.1% | 67.6% |
| 17 | IFFCO Tokio General Insurance | 114 | 73.1% | 74.6% | 61.4% | 90.7% | 85.4% |
| 18 | Niva Bupa Health Insurance | 90 | 32.7% | 40.7% | 30.4% | 36.0% | 28.3% |
| 19 | Royal Sundaram General Insurance | 59 | 79.8% | 81.4% | 51.8% | 66.7% | 65.6% |
| 20 | Zurich Kotak General (formerly Kotak Mahindra General) | 48 | 23.0% | 22.7% | – | 13.2% | 22.5% |
| 21 | Shriram General Insurance | 46 | 43.7% | 43.8% | 42.3% | – | 63.6% |
| 22 | Universal Sompo General Insurance | 28 | 170.4% | 123.2% | – | 54.3% | 22.2% |
| 23 | ManipalCigna Health Insurance | 27 | 41.3% | 39.2% | 48.0% | 33.6% | 17.0% |
| 24 | Magma General (formerly Magma HDI) | 21 | 58.8% | 58.6% | – | 37.2% | 16.8% |
| 25 | Liberty General Insurance | 21 | 59.7% | 55.9% | 62.2% | 63.5% | 51.0% |
| 26 | Zuno General Insurance | 17 | 72.9% | 72.9% | – | 55.1% | 48.7% |
| All insurers | 6,785 | 63.6% | 65.4% | 50.4% | 66.9% | 60.8% |
Listed, not compared, with less than ₹10 crore of net earned personal accident premium in FY2024-25: Acko General Insurance, Navi General Insurance, Raheja QBE General Insurance, Galaxy Health Insurance, Kshema General Insurance.
What the incurred claims ratio measures
It is the money side of claims. Net claims incurred are the claims an insurer paid in the year, plus the change in what it has set aside for claims reported or still to be reported, less what its reinsurers bear. Net earned premium is the premium for the part of each policy that ran during the year, less what was passed to reinsurers. Divide the first by the second and you have the share of premium that went on claims.
Every figure here is computed from those two rupee amounts in IRDAI's Table 62 and 63, never from the ratio column printed beside them, and the insurer rows add up to the totals IRDAI printed. The arithmetic is in the download.
Why a higher ratio is not simply better
A low ratio means a small share of premium came back as claims. It can mean careful underwriting, a young book of new policies that have not yet started claiming, or claims that are being paid slowly or not at all. A high ratio means the opposite share came back, and above 100% the insurer lost money on that book before paying a single salary.
Neither end tells you whether your claim will be paid. That is a question of the policy wording, the facts and the documents, and the claim settlement ratio and the complaint figures speak to it more directly. Read this ratio as a measure of how hard an insurer's book is being worked, not as a score.
What it means for an employer buying group health
Group health is where the ratio matters most to a buyer, because group policies are repriced at every renewal on claims. Across the market group business ran at 92% of premium in FY2024-25. An insurer whose own group book is above 100% is paying out more than it collects on that business, and a book in that position tends to be repriced.
Your own scheme is priced on your own claims first. What the insurer-level figure tells you is how much room it has: whether a renewal quote is likely to be held, and how a rate increase from an insurer under pressure on its whole book should be read. We put the two side by side when we place an employer's renewal.
Reading the government schemes column
Government-sponsored schemes, which include the Ayushman Bharat and state health schemes underwritten by insurers, are priced by tender rather than by an insurer's own rates, and they are concentrated in the public sector insurers. They pull an insurer's all-health figure up or down without saying anything about the policies an individual or an employer can buy, which is why they have their own column.
Reading the study period
IRDAI publishes the Handbook once a year, on a lag. The 2024-25 edition, published on 3 February 2026, is the most recent, so its figures describe the year to 31 March 2025. Ratios move from year to year, especially for smaller books, so the two years before are shown beside each insurer.
Frequently asked questions
What is the incurred claim ratio in health insurance?
It is net claims incurred divided by net earned premium for the year: the share of the premium an insurer earned that it spent on claims, after reinsurance. IRDAI publishes it for every insurer in its Handbook on Indian Insurance Statistics.
What was the incurred claim ratio of health insurers in FY2024-25?
87% across every health insurer, on IRDAI's figures. Group health ran at 92%, retail family and individual policies at 78%, and government-sponsored schemes at 95%.
What is a good incurred claim ratio?
There is no single right number. A very low ratio means little of the premium came back as claims; a ratio above 100% means the insurer paid more in claims than it earned in premium on that book. A ratio well inside that range, held steady over several years, says the book is priced and run sustainably.
What is the difference between incurred claim ratio and claim settlement ratio?
The claim settlement ratio counts claims: how many of those an insurer dealt with were paid. The incurred claim ratio weighs money: claims incurred against premium earned. An insurer can settle nearly every claim and still show a low incurred ratio if its premiums are high relative to its claims.
Which health insurer has the largest health insurance business?
By net earned health premium in FY2024-25, New India Assurance, with ₹17,683 crore and an incurred claims ratio of 101.3%.
What is the incurred claim ratio of Star Health?
70.5% for FY2024-25 on all health business, on IRDAI's figures: 90.4% on group policies and 69.0% on retail family and individual policies.
Why is the group health claim ratio higher than retail?
On IRDAI's FY2024-25 figures, group business ran at 92% against 78% for retail. Group policies are priced per employer and renewed on that employer's claims, commonly cover existing conditions from the first day, and are repriced on that employer's claims at each renewal, which tends to keep the margin thin. Among the ten largest health insurers, United India Insurance had the highest group ratio, 106.0%.
What is the incurred claim ratio for personal accident insurance?
64% across all insurers in FY2024-25, and 65% on group personal accident policies, on IRDAI's figures. The table above gives it for every insurer with at least 10 crore of personal accident premium.
Where does IRDAI publish incurred claim ratios?
In the Handbook on Indian Insurance Statistics, Tables 62 and 63 for health and personal accident, published once a year. The 2024-25 edition, published on 3 February 2026, is the most recent, and every figure here comes from it.
Whether an insurer pays a claim is a different measure: claim settlement ratios. Whether it could still pay after a very bad year: solvency ratios. How often policyholders end up arguing: complaint rates. Who writes the most of each kind of insurance: market share by insurer. For employers: group health insurance and group personal accident. How we source and check figures: editorial standards.