{"id":173,"date":"2019-07-23T07:51:59","date_gmt":"2019-07-23T07:51:59","guid":{"rendered":"http:\/\/localhost\/yearbook\/?page_id=173"},"modified":"2026-02-20T12:08:45","modified_gmt":"2026-02-20T12:08:45","slug":"claims","status":"publish","type":"page","link":"https:\/\/www.gicouncil.in\/yearbook\/2024-25\/?page_id=173","title":{"rendered":"3.7 &#8211; Claims"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\"><strong>Gross Incurred Claims<\/strong><\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>Gross Incurred Claims increased from \u20b979,257 crores in FY 2015-16 to \u20b92,43,513 crores in FY 2024-25, growing at a compound annual growth rate (CAGR) of 13.3%.<\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 3.7.1<\/span>Gross Incurred Claims<\/h3><div id=\"Chart_36\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        stacked_column_chart(\"Chart_36\", {\"stacklabels\":true,\"data\":{\"General Insurers\":{\"2015-16\":72995,\"2016-17\":99735,\"2017-18\":110600,\"2018-19\":125054,\"2019-20\":135396,\"2020-21\":127268,\"2021-22\":152042,\"2022-23\":161910,\"2023-24\":192919,\"2024-25\":212104},\"Standalone Health Insurers\":{\"2015-16\":2223,\"2016-17\":2889,\"2017-18\":4265,\"2018-19\":6070,\"2019-20\":8271,\"2020-21\":8684,\"2021-22\":14404,\"2022-23\":14181,\"2023-24\":18492,\"2024-25\":24060},\"Specialised Insurers\":{\"2015-16\":4038,\"2016-17\":9746,\"2017-18\":9843,\"2018-19\":7703,\"2019-20\":9071,\"2020-21\":12234,\"2021-22\":12464,\"2022-23\":13568,\"2023-24\":8210,\"2024-25\":7349}},\"Title\":\"Gross Incurred Claims\",\"xTitle\":\"Year\",\"yTitle\":\"\\u20b9 in Crores\",\"yAxisData\":{\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\",\"2024-25\":\"2024-25\"},\"colorCodes\":[\"#C98900\",\"#956D33\",\" #643E0C\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\"> <em> <strong>Source<\/strong>: Council Compilation<\/em> <em>as per source<br>data submitted by companies<\/em><\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><\/p><cite><br><br><\/cite><\/blockquote>\n\n\n\n<p>The industry&#8217;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.<\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 3.7.2<\/span>Gross Incurred Claims to GDP Ratio - Overall<\/h3><div id=\"Chart_37\" class=\"chart-div\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        multiline_chart(\"Chart_37\", {\"unit\":\"%\",\"data\":{\"GIC\\\/GDP Ratio\":{\"2015-16\":\"77.4\",\"2016-17\":\"84.2\",\"2017-18\":\"79.6\",\"2018-19\":\"80.5\",\"2019-20\":\"79.5\",\"2020-21\":\"73.3\",\"2021-22\":\"79.9\",\"2022-23\":\"71.1\",\"2023-24\":\"73\",\"2024-25\":\"78.1\"}},\"Title\":\"Gross Incurred Claims to GDP Ratio - Overall\",\"xTitle\":\"Year\",\"yTitle\":\"Gross Incurred Claims(%)\",\"yAxisData\":{\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\",\"2024-25\":\"2024-25\"},\"colorCodes\":[\"#C98900\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\"> <em> <strong>Source<\/strong>: Council Compilation<\/em> <em>as per source<br>data submitted by companies<\/em><\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><\/p><cite><br><br><\/cite><\/blockquote>\n\n\n\n<p>The current financial year, saw a rise in the GIC ratio for both General and Standalone Health Insurers.<\/p>\n\n\n\n<p><\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 3.7.3<\/span>Gross Incurred Claims ratio - Overall (Split by Type of Insurers)<\/h3><div id=\"Chart_38\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        basic_column_chart(\"Chart_38\", {\"orientation\":\"false\",\"unit\":\"\",\"data\":{\"2023-24\":{\"General Insurers\":75.3,\"Standalone Health Insurers\":55.6,\"Specialised Insurers\":72.1,\"Overall\":73},\"2024-25\":{\"General Insurers\":80.9,\"Standalone Health Insurers\":62.2,\"Specialised Insurers\":66.2,\"Overall\":78.1}},\"Title\":\"Gross Incurred Claims ratio - Overall (Split by Type of Insurers)\",\"xTitle\":\"Type of Insurers\",\"yTitle\":\"GIC Ratio(%)\",\"yAxisData\":{\"General Insurers\":\"General Insurers\",\"Standalone Health Insurers\":\"Standalone Health Insurers\",\"Specialised Insurers\":\"Specialised Insurers\",\"Overall\":\"Overall\"},\"colorCodes\":[\"#956D33\",\"#C98900\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\">  <em> <strong>Source<\/strong>: Council Compilation<\/em> <em>as per source<br>data submitted by companies<\/em><\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><\/p><cite><br><br><\/cite><\/blockquote>\n\n\n\n<h4 class=\"wp-block-heading\">Net Incurred Claims<\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>Net Incurred claims has risen from \u20b9 64,495 Crores in 2015-16 to \u20b9 1,88,594 Crores in 2024-25, at a CAGR of 12.7%.<\/p>\n\n\n\n<p><\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 3.7.4<\/span>Net Incurred Claims - Overall<\/h3><div id=\"Chart_39\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        column_chart(\"Chart_39\", {\"unit\":\"(\\u20b9 in Crores)\",\"data\":{\"Total\":{\" 2015-16 \":64495,\" 2016-17 \":80662,\" 2017-18 \":85650,\"2018-19\":101051,\"2019-20\":108390,\"2020-21\":111549,\"2021-22\":140565,\"2022-23\":149313,\"2023-24\":172300,\"2024-25\":188594}},\"Title\":\"Net Incurred Claims - Overall\",\"xTitle\":\"Year\",\"yTitle\":\"\\u20b9 in Crores\",\"xAxisData\":{\" 2015-16 \":\" 2015-16 \",\" 2016-17 \":\" 2016-17 \",\" 2017-18 \":\" 2017-18 \",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\",\"2024-25\":\"2024-25\"},\"colorCodes\":[\"#C98900\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\">  <em> <strong>Source<\/strong>: Council Compilation<\/em> <em>as per source<br>data submitted by companies<\/em><\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><\/p><cite><br><br><\/cite><\/blockquote>\n\n\n\n<p>In the current fiscal year, both the GIC &amp; NIC ratio has risen in the current year as compared to previous year.<\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 3.7.5<\/span>Gross Incurred Claims & Net Incurred Claims Ratios<\/h3><div id=\"Chart_40\" class=\"chart-div\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        multiline_chart(\"Chart_40\", {\"unit\":\"%\",\"data\":{\"NIC Ratio\":{\"2015-16\":\"85\",\"2016-17\":\"90.9\",\"2017-18\":\"85.3\",\"2018-19\":\"89.2\",\"2019-20\":\"85.9\",\"2020-21\":\"81.1\",\"2021-22\":\"89\",\"2022-23\":\"83.1\",\"2023-24\":\"82.5\",\"2024-25\":\"82.9\"},\"GIC Ratio\":{\"2015-16\":\"77.4\",\"2016-17\":\"84.2\",\"2017-18\":\"79.6\",\"2018-19\":\"80.5\",\"2019-20\":\"79.5\",\"2020-21\":\"73.2\",\"2021-22\":\"79.9\",\"2022-23\":\"73.9\",\"2023-24\":\"73\",\"2024-25\":\"78.1\"}},\"Title\":\"Gross Incurred Claims & Net Incurred Claims Ratios\",\"xTitle\":\"Year\",\"yTitle\":\"Claims Ratio (%)\",\"yAxisData\":{\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\",\"2024-25\":\"2024-25\"},\"colorCodes\":[\"#C98900\",\"#643E0C\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\">  <em> <strong>Source<\/strong>: Council Compilation<\/em> <em>as per source<br>data submitted by companies<\/em><\/p>\n\n\n\n<blockquote class=\"wp-block-quote\"><p><\/p><cite><br><br><\/cite><\/blockquote>\n\n\n\n<p><\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 3.7.6<\/span>Net Incurred Claims ratio - Overall (Split by Type of Insurers)<\/h3><div id=\"Chart_41\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        basic_column_chart(\"Chart_41\", {\"orientation\":\"false\",\"unit\":\"\",\"data\":{\"2023-24\":{\"General Insurers\":86,\"Standalone Health Insurers\":63.6,\"Specialised Insurers\":66.6,\"Overall\":82.5},\"2024-25\":{\"General Insurers\":86.2,\"Standalone Health Insurers\":68.1,\"Specialised Insurers\":55,\"Overall\":82.9}},\"Title\":\"Net Incurred Claims ratio - Overall (Split by Type of Insurers)\",\"xTitle\":\"Type of Insurers\",\"yTitle\":\"NIC Ratio (%)\",\"yAxisData\":{\"General Insurers\":\"General Insurers\",\"Standalone Health Insurers\":\"Standalone Health Insurers\",\"Specialised Insurers\":\"Specialised Insurers\",\"Overall\":\"Overall\"},\"colorCodes\":[\"#956D33\",\"#C98900\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\">  <em> <strong>Source<\/strong>: Council Compilation<\/em> <em>as per source<br>data submitted by companies<\/em><\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 3.7.7<\/span>Net Incurred Claims - Overall (Segment-wise)<\/h3><div id=\"Chart_42\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        basic_column_chart(\"Chart_42\", {\"orientation\":\"false\",\"unit\":\"\",\"data\":{\"2023-24\":{\"Property\":77.2,\"Marine\":74.9,\"Motor OD\":83.9,\"Motor TP\":78.5,\"Health\":87.5,\"Liability\":46.4,\"Others\":75.5},\"2024-25\":{\"Property\":67.5,\"Marine\":73.7,\"Motor OD\":82.2,\"Motor TP\":87.6,\"Health\":86.8,\"Liability\":61.8,\"Others\":69.5}},\"Title\":\"Net Incurred Claims - Overall (Segment-wise)\",\"xTitle\":\"Line of Business\",\"yTitle\":\"NIC Ratio (%)\",\"yAxisData\":{\"Property\":\"Property\",\"Marine\":\"Marine\",\"Motor OD\":\"Motor OD\",\"Motor TP\":\"Motor TP\",\"Health\":\"Health\",\"Liability\":\"Liability\",\"Others\":\"Others\"},\"colorCodes\":[\"#956D33\",\"#C98900\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\">  <em> <strong>Source<\/strong>: Council Compilation<\/em> <em>as per source<br>data submitted by companies<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gross Incurred Claims Gross Incurred Claims increased from \u20b979,257 crores in FY 2015-16 to \u20b92,43,513 crores in FY 2024-25, growing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":529,"menu_order":7,"comment_status":"closed","ping_status":"closed","template":"page-templates\/full-width.php","meta":[],"_links":{"self":[{"href":"https:\/\/www.gicouncil.in\/yearbook\/2024-25\/index.php?rest_route=\/wp\/v2\/pages\/173"}],"collection":[{"href":"https:\/\/www.gicouncil.in\/yearbook\/2024-25\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.gicouncil.in\/yearbook\/2024-25\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.gicouncil.in\/yearbook\/2024-25\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gicouncil.in\/yearbook\/2024-25\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=173"}],"version-history":[{"count":60,"href":"https:\/\/www.gicouncil.in\/yearbook\/2024-25\/index.php?rest_route=\/wp\/v2\/pages\/173\/revisions"}],"predecessor-version":[{"id":4663,"href":"https:\/\/www.gicouncil.in\/yearbook\/2024-25\/index.php?rest_route=\/wp\/v2\/pages\/173\/revisions\/4663"}],"up":[{"embeddable":true,"href":"https:\/\/www.gicouncil.in\/yearbook\/2024-25\/index.php?rest_route=\/wp\/v2\/pages\/529"}],"wp:attachment":[{"href":"https:\/\/www.gicouncil.in\/yearbook\/2024-25\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}