Gross Incurred Claims

Gross Incurred Claims increased from ₹72,046 crores in 2014-15 to ₹2,19,621 crores in 2023-24, growing at a compound annual growth rate (CAGR) of 13.2%.

Chart 3.7.1Gross Incurred Claims

Source: Council Compilation as per source
data submitted by companies

The industry’s Gross Incurred Claims (GIC-GWP) ratio has increased from 71.1% in the previous financial year has risen to 73.0% in the current financial year. One reason could be the increase in the health 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

In the current fiscal year,  saw a rise in the GIC ratio for both General and Standalone Health 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 ₹ 55,232 Crores in 2014-15 to ₹ 1,72,300 Crores in 2023-24, at a CAGR of 13.50%.

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 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