Gross Incurred Claims

Gross Incurred Claims has risen from ₹ 64,087 Crores in 2013-14 to ₹ 1,89,659 Crores in 2022-23 at a CAGR of 16.65%.

Chart 3.7.1Gross Incurred Claims

Source: Council Compilation as per source
data submitted by companies

The Industry Gross Incurred Claims (GIC-GDPI) ratio which was 79.9% in the previous financial year has fallen to 73.4% in the current financial year. One reason could be the decline in COVID Claims as compared to the previous year.

Chart 3.7.2Gross Incurred Claims to GDP Ratio - Overall

Source: Council Compilation as per source
data submitted by companies

The current fiscal year witnessed an increase in the GIC ratio for Specialised Insurers.

Chart 3.7.3Gross Incurred Claims ratio - Overall (Split by Type of Insurers)

Source: Council Compilation as per source
data submitted by companies

Net Incurred Claims

Net Incurred claims has risen from ₹ 49,164 Crores in 2013-14 to ₹ 1,49,252 Crores in 2022-23, at a CAGR of 13.13%.

Chart 3.7.4Net Incurred Claims - Overall

Source: Council Compilation as per source
data submitted by companies

In the current fiscal year, both the GIC & NIC ratio has fallen from 79.9% to 71.1%, and 88.96% to 82.95% respectively.

Chart 3.7.5Gross Incurred Claims & Net Incurred Claims Ratios

Source: Council Compilation as per source
data submitted by companies

Chart 3.7.6Net Incurred Claims ratio - Overall (Split by Type of Insurers)

Source: Council Compilation as per source
data submitted by companies

Chart 3.7.7Net Incurred Claims - Overall (Segment-wise)

Source: Council Compilation as per source
data submitted by companies