Niva Bupa Incurred Claim Ratio
- Niva Bupa ICR
- What’s ICR?
- How ICR is Calculated?
Niva Bupa Health Insurance is one of the leading insurers in the Indian marketplace that offers comprehensive and wide healthcare coverage plans. You can trust them with their top-selling insurance policies, coverage benefits, and claim settlement records.
The incurred claim ratio is the total claim amount paid by the insurance company in ratio to the total premium amount collected in a financial year. This article discusses how the ICR is calculated, how it differs from the CSR, and how can you choose the best health policy based on the company’s ICR. Read on to know more about it.
The formula helps to find the incurred claim ratio of Niva Bupa health insurance:
ICR = (Net claims paid) / (Net premiums collected)*100
Let’s understand this with an example;
The Niva Bupa health insurance incurred claim ratio is 54.05% meaning Niva Bupa health insurance company has paid 54.05 lakh rupees out of every 100 lakh rupees they have collected as premium from the policyholders.
The incurred claim ratio of Niva Bupa health insurance was 54.05% as per the IRDAI report of the financial year 2023. (https://www.policyx.com/data-lab/claim-settlement-ratio-insurance-companies-India.phphere)
| Specifications | CSR | ICR |
| Based on paid claims (formula) | The ratio of total claims settled by the insurer upon the total claims filed to the insurer (by policyholders). | The ratio of total claims paid to the insured policyholders upon the total premiums received by the insurer |
| Ideal ratio | 90 - 100% (the higher the better) | 50 - 80% or more (the higher the ICR the higher will be insurer’s credibility) |
| What does it signify about the insurer? | Showcases the frequency of settling claims per year | Signifies the insurer’s financial capability to pay the insured |
Know more about an ideal percentage of the incurred claims ratio of Niva Bupa health insurance company:
| Percentage of ICR | Specifications |
| ICR more than 100% | Shows that the insurer has paid more amount in claims than the premium they received in a financial year. |
| ICR 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. |
| ICR 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. |
The incurred claim ratio is an important aspect that you must check before investing in a health insurance plan. However, it may be a little tricky to understand all the turns of ICR. We at PolicyX are here to help and educate you about the Niva Bupa health insurance incurred claim ratio.
Call us at 1800 4200 269 and learn about the ICR of Niva Bupa in detail.
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It shows the company’s ability to settle claims and build trust among new policy-seekers.
The incurred claims ratio of a health insurer should be somewhere between 50-80% as these ratios are considered to be ideal.
Yes, you should buy a health policy only after checking out the latest incurred claim ratio of the company.
Check the Niva Bupa health insurance incurred claims ratio report by PolicyX.com.
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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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