Incurred Claims Ratio in Indian Insurance

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Definition

Net incurred claims as a percentage of net earned premium, from IRDAI NL-20. Net incurred claims = gross claims incurred − reinsurance recoveries.

Note: NL-20 analytical ratios. Lower = better underwriting performance.

Source form: NL-20 ·Source documents

Related guides: CSR vs ICR

Lowest to Highest

Latest available value per insurer — Q1 FY26-27

#	Insurer	Incurred Claims Ratio (%)	YoY	Period
1	Galaxy Health Insurance	59.8	+156.5%	Q1 FY26-27
2	Raheja QBE General Insurance	68.0	-30.8%	Q1 FY26-27
3	Star Health Insurance	68.0	-2.2%	Q1 FY26-27
4	Shriram General Insurance	68.7	-8.3%	Q1 FY26-27
5	Acko General Insurance	72.9	+5.8%	Q1 FY26-27
6	Agriculture Insurance Company of India	73.2	-27.5%	Q1 FY26-27
7	Digit General Insurance	73.3	+4.3%	Q1 FY26-27
8	Tata AIG General Insurance	74.0	+5.7%	Q1 FY26-27
9	Bajaj Allianz General Insurance	74.3	+4.5%	Q1 FY26-27
10	ICICI Lombard General Insurance	76.4	+4.7%	Q1 FY26-27
11	Care Health Insurance	77.0	+0.0%	Q1 FY26-27
12	Niva Bupa Health Insurance	78.8	+1.2%	Q1 FY26-27
13	SBI General Insurance	79.2	-3.0%	Q1 FY26-27
14	ManipalCigna Health Insurance	80.0	-8.0%	Q1 FY26-27
15	Universal Sompo General Insurance	80.3	+19.3%	Q1 FY26-27
16	Liberty General Insurance	81.0	+2.5%	Q1 FY26-27
17	Zuno General Insurance	81.0	-5.8%	Q1 FY26-27
18	Aditya Birla Health Insurance	84.0	+5.0%	Q1 FY26-27
19	Magma General Insurance	84.3	+0.4%	Q1 FY26-27
20	Chola MS General Insurance	85.6	+5.7%	Q1 FY26-27
21	Royal Sundaram General Insurance	86.0	+6.7%	Q1 FY26-27
22	Zurich Kotak General Insurance	86.0	+3.6%	Q1 FY26-27
23	IFFCO Tokio General Insurance	86.8	-5.9%	Q1 FY26-27
24	HDFC ERGO General Insurance	87.5	-4.8%	Q1 FY26-27
25	Reliance General Insurance	88.2	+7.5%	Q1 FY26-27
26	Generali Central Insurance (formerly Future Generali)	90.1	+15.5%	Q1 FY26-27
27	Navi General Insurance	92.0	-17.1%	Q1 FY26-27
28	National Insurance Company	98.9	-4.1%	Q1 FY26-27
29	New India Assurance	103.4	+3.6%	Q1 FY26-27
30	United India Insurance	103.6	-1.9%	Q1 FY26-27
31	ECGC	159.5	-0.0%	Q1 FY26-27
32	Narayana Health Insurance	219.0	—	Q1 FY26-27
33	Kshema General Insurance	298.8	+297.4%	Q1 FY26-27
34	Oriental Insurance Company	10011.0	+9977.5%	Q1 FY26-27

Source: IRDAI public disclosures (NL-20). Click an insurer name for full provenance and historical data.
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