HDFC ERGO Health Insurance Incurred Claim Ratio

HDFC ERGO Health Insurance incurred claim ratio is 79.04% for the financial year 2023. This indicates that insured members are receiving the policy benefits effectively. It is always advised to check the incurred claim ratio of a health insurance company before investing in their insurance policies. The incurred claim ratio provides a clear picture of how frequently a company pays out claims and its performance with customers.

We have covered more about the ICR of HDFC ERGO health insurance. Read further to learn the calculation formula of ICR, its importance before buying a policy, and more.

What is HDFC ERGO Health Insurance Incurred Claim Ratio?

The incurred claim ratio represents the total claims paid to policyholders by a health insurer compared to 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.

How Can I Calculate the Incurred Claim Ratio?

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.

How to Choose the Best Health Insurance Based on ICR?

Learn about what is considered a good percentage of the incurred claims ratio:

Wrapping It Up

Health coverage benefits, limits with the sum insured, inclusions, exclusions, waiting periods, claim settlement ratio, and more 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 advisable. It is 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.