Gross Incurred Claims

Gross Incurred Claims increased from ₹79,257 crores in FY 2015-16 to ₹2,43,513 crores in FY 2024-25, growing at a compound annual growth rate (CAGR) of 13.3%.

Chart 3.7.1Gross Incurred Claims

Source: Council Compilation as per source
data submitted by companies

The industry’s Gross Incurred Claims (GIC-GDPI) ratio has increased from 73% in the FY 2024-25 to 78.1% in the FY 2024-25. A probably reason for the increase could be the low GDP base in the current year due to the exclusion of long-term Premiums.

Chart 3.7.2Gross Incurred Claims to GDP Ratio - Overall

Source: Council Compilation as per source
data submitted by companies

The current financial 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 ₹ 64,495 Crores in 2015-16 to ₹ 1,88,594 Crores in 2024-25, at a CAGR of 12.7%.

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 risen in the current year as compared to previous year.

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