Network hospitals
12000+
Incurred claim ratio
79.04%
Sum insured
Up to 2 CR
No. of Plans
11
Solvency Ratio
1.7
Pan India Presence
200+
Network hospitals
12000+
Incurred claim ratio
79.04%
Sum insured
Up to 2 CR
No. of Plans
11
Solvency Ratio
1.7
Pan India Presence
200+
HDFC ERGO health insurance incurred claim ratio is 79.04% for the financial year 2023. It signifies the insured members are getting the policy benefits at their fullest. It’s always advised to check the incurred claim ratio of a health insurance company before investing in their insurance policies. The incurred claim ratios give the right picture of how frequently that company is paying out for claims and how they are performing with their customers.
We’ve covered more about the ICR of HDFC ERGO health insurance, read further to learn the calculation formula of ICR, how it can be one of the most important factors to check before buying a policy, and so on.
The incurred claim ratio states the total claims paid to the policyholders by a health insurer to the ratio of the net premiums collected by the health insurers in a financial year.
The incurred claim ratio of HDFC ERGO Health Insurance is 79.04% according to the ICR reports of IRDAI for the financial year 2023.
For more details on the HDFC ERGO incurred claim ratio, please refer to this report.
Here is the formula for calculating the incurred claim ratio of the insurance company:
ICR = (Net claims paid) / (Net premiums collected)*100
Let’s understand this with an example;
The HDFC ERGO incurred claim ratio is 79.04% which means HDFC ERGO health insurance company has paid 79.04 rupees out of every 100 rupees they have collected as premium from the policyholders.
Read further to learn about how much is considered a good percentage of the incurred claims ratio:
| Percentage of ICR | Specifications |
| Incurred claim ratio more than 100% | This ICR% shows the insurance company has paid more in claims to the policyholders than they received in premiums for the financial year. It is not profitable for an insurer but a plus for an insured individual. |
| Incurred claim ratio b/w 50 to 100% | This is considered a good situation for the policyholder and insurer as it also signifies the affordability of the health insurance policies. |
| Incurred claim ratio less than 50% | It is not a healthy affair for the insured individuals as they are likely not to get the claim amount. But for the insurance companies, it’s good as they have paid less amount in claims than they received in premiums. |
Health coverage benefits, limits with the sum insured, inclusions, exclusions, waiting periods, claim settlement ratio, and so on must be the deciding factors in buying a health insurance policy. However, many of us forget about checking a company's incurred claims ratio, which is not good. It’s always suggested that you check the ICR of any insurer before buying a policy from them. HDFC ERGO Health Insurance Company’s ICR was 79.04% in the financial year of 2023, which depicts the company's credibility to its policyholders.
Got more questions? Reach out to us at 1800 4200 269 and get all your queries resolved in no time.
HDFC Ergo entails a wide network of cashless Hospitals that impact millions of lives PAN India. A well connected network of over 12000+ cashless hospitals, HDFC Ergo ensures that you are medically secured, irrespective of the city you reside in.
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Simran has an experience of 3 years in insurance content writing. She transitioned from hospitality to the insurance industry after her emerging interest in how vast insurance is. With her ability to write complex insurance concepts in a simple, relatable manner she keeps her audience hooked and solves their doubts smoothly.
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