How well does health insurer settle claims? Latest Irdai incurred claim ratio of general, health insurance companies in India

The IRDAI’s latest report shows that the average incurred claim ratio (ICR) for health insurance companies in India was 86.35% in 2023-24, slightly down from 87.27% the previous year. This means insurers paid out about ₹86 for every ₹100 collected in premiums, reflecting their ability to settle claims efficiently. An ICR between 80% and 100% is considered healthy, balancing claim payouts and business sustainability. Insurers settled about 83% of registered claims, with the rest either repudiated or pending as of March 2024