Standalone Health Insurers — Side-by-Side Comparison
All 7 IRDAI-registered standalone health insurers compared on key regulatory metrics. ICR (lower = more claims-efficient), solvency (minimum 1.5× required), and GWP (scale indicator, not a performance metric). All data from IRDAI quarterly public disclosures.
| Insurer | GWP (₹ cr) | ICR (%) | Solvency | CSR (%) |
|---|---|---|---|---|
| Star Health Insurance | 4,287Q1 FY26-27 | 68.03% | 2.09× | — |
| Care Health Insurance | 2,927Q1 FY26-27 | 77.00% | 1.58× | — |
| Aditya Birla Health Insurance | 2,356Q1 FY26-27 | 84.00% | 1.58× | — |
| Niva Bupa Health Insurance | 2,150Q1 FY26-27 | 78.82% | 2.25× | — |
| ManipalCigna Health Insurance | 704Q1 FY26-27 | 80.00% | 1.93× | — |
| Galaxy Health Insurance | 17FY24-25 | 59.82% | 3.95× | — |
| Narayana Health Insurance | 2FY24-25 | 219.00% | 1.67× | — |
| Peer average | 95.24% | 2.15× |
ICR below peer average highlighted green (more claims-efficient). Solvency below 1.5× flagged red (⚠ = below IRDAI minimum). GWP is a size indicator — not a performance metric.
Insurer Summaries
Star Health Insurance reported GWP of ₹4,287 crore (Q1 FY26-27); ICR of 68.03% (below the 95.24% peer average) (Q1 FY26-27); solvency ratio of 2.09× (Q1 FY26-27).
Care Health Insurance reported GWP of ₹2,927 crore (Q1 FY26-27); ICR of 77.00% (below the 95.24% peer average) (Q1 FY26-27); solvency ratio of 1.58× (Q1 FY26-27).
Aditya Birla Health Insurance reported GWP of ₹2,356 crore (Q1 FY26-27); ICR of 84.00% (below the 95.24% peer average) (Q1 FY26-27); solvency ratio of 1.58× (Q1 FY26-27).
Niva Bupa Health Insurance reported GWP of ₹2,150 crore (Q1 FY26-27); ICR of 78.82% (below the 95.24% peer average) (Q1 FY26-27); solvency ratio of 2.25× (Q1 FY26-27).
ManipalCigna Health Insurance reported GWP of ₹704 crore (Q1 FY26-27); ICR of 80.00% (below the 95.24% peer average) (Q1 FY26-27); solvency ratio of 1.93× (Q1 FY26-27).
Galaxy Health Insurance reported GWP of ₹17 crore (FY24-25); ICR of 59.82% (below the 95.24% peer average) (Q1 FY26-27); solvency ratio of 3.95× (Q1 FY26-27).
Narayana Health Insurance reported GWP of ₹2 crore (FY24-25); ICR of 219.00% (above the 95.24% peer average) (Q1 FY26-27); solvency ratio of 1.67× (Q1 FY26-27).
Source: IRDAI quarterly public disclosures. ICR = incurred claim ratio (net). CSR = claim settlement ratio.Health insurer rankings → ·Full side-by-side comparison →