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. Is CSR and ICR Different From Each Other?
| 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.
Network Hospitals are present in 31 states nationwide. With a wide network of hospitals, ensures that you are medically secured, irrespective of the city you reside in.
To cater to the different medical needs of an individual & their family, Niva Bupa Health Insurance offers several Health Plans ranging from senior citizen plans to specialized plans for autistic children, to health insurance for cardiac patients, and many more.Take a look below to Niva Bupa Health Insurance plans explore more:
Critical Illness Health Insurance
Health dangers are rapidly increasing in today’s fast-paced world, which includes some chronic life-threatening diseases. Anyone can have a crit...
Unique Features
Individual and Family Health Insurance
"Introducing a health insurance that rewards you for starting young." A plan that allows you to go for overseas treatment. Several health insurance p...
Unique Features
Individual and Family Health Insurance
With all the haze of ‘this policy is not gonna work for every medical emergency’, don’t get fooled again. Niva Bupa Arogya Sanjeevan...
Unique Features
Top Up and Super Top Up
Go an extra mile for the health of your family with Niva Bupa Health Recharge Niva Bupa Health Recharge (formerly known as Max Bupa Health Recharge) i...
Unique Features
Individual and Family Health Insurance
Your Niva Bupa GoActiveTM plan has exclusive features to provide for all your health insurance needs. There could be several incidences that lead...
Unique Features
Individual and Family Health Insurance
Niva Bupa Super Saver is a comprehensive health insurance plan that consists of two separate plans- Niva Bupa Health Pulse and Niva Bupa Health Recha...
Unique Features
Individual and Family Health Insurance
Niva Bupa Money Saver health insurance plan is a combination of two separate health plans- Niva Bupa Health Companion and Niva Bupa Health Recharge. I...
Unique Features
Individual and Family Health Insurance
A plan that keeps giving you more. Niva Bupa Health ReAssure is specially designed to protect you and your family during medical emergencies. It gives...
Unique Features
Individual and Family Health Insurance
The Smart Just Got Smarter The all-new, improved and comprehensive plan that will keep you and your family, financially secure during any unexpected m...
Unique Features
Individual and Family Health Insurance
Nothing Seems Impossible A comprehensive plan that gives coverage against any medical emergency for you and your family members. One of the vari...
Unique Features
Individual and Family Health Insurance
Niva Bupa Health Premia is a comprehensive health insurance plan that offers complete coverage to an individual and their family. The plan offers wide...
Unique Features
Individual and Family Health Insurance
Go an extra mile for the health of your family with Niva Bupa Health Recharge Niva Bupa Health Pulse Plan protects you and your family's health and pr...
Unique Features
Senior Citizen Health Insurance
Niva Bupa Senior First is a senior citizen health plan packaged with features that give policyholders the assurance of good health at all times. So wh...
Unique Features
Individual and Family Health Insurance
Niva Bupa, formerly known as Max Bupa, is a leading health insurance company in India with a collaboration between Max India Limited and Bupa, a UK-ba...
Unique Features
Critical Illness Health Insurance
CritiCare, a plan that gives health and financial protection to you and your family against 20 critical illnesses! The critical illness can be contagi...
Unique Features
Know More About Health Insurance Companies
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.
4.4
Rated by 2628 customers
Select Your Rating
Let us know about your experience or any feedback that might help us serve you better in future.
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.
You May Also Know About
511-1725000064.webp){kind=logo}
691-1725013137.webp){kind=logo}
2864-1724827757.webp)
Do you have any thoughts you’d like to share?