Solvency Ratio moved higher for the industry segment over the selected period (+19.9%).
Insights
Health insurance industry data and insurer analytics
Filterable by category, year range, and metric — all sourced from IRDAI annual reports, surfaced without ranking or recommending any insurer. Looking for loan rate benchmarks and credit market trends instead? See the Loan Insight Deck.
Latest IRDAI Annual Report year loaded: FY 2024-25.
Health Insurance in India — Industry Insights
This section is about the health insurance market, not a ranking of insurers — year-by-year growth and claims behaviour across the whole industry, sourced directly from IRDAI's last 5 Annual Reports (2020-21 – 2024-25).
Market growth, year by year
Health insurance premium has grown 102% in 5 years — from ₹58,238 Cr in FY 2020-21 to ₹1,17,505 Cr in FY 2024-25.
| Year | Health Premium | Lives Covered | Claims Paid | Industry ICR |
|---|---|---|---|---|
| FY 2020-21 | ₹58,238 Cr | 51.47 Cr | ₹43,355 Cr | 93.8% |
| FY 2021-22 | ₹73,052 Cr | 52.04 Cr | ₹69,498 Cr | 109.12% |
| FY 2022-23 | ₹89,492 Cr | 55 Cr | ₹70,930 Cr | 88.89% |
| FY 2023-24 | ₹1,07,681 Cr | 57 Cr | ₹83,493 Cr | 88.15% |
| FY 2024-25 | ₹1,17,505 Cr | 58 Cr | ₹94,248 Cr | 86.98% |
Incurred Claims Ratio by insurer category
ICR is a claims-cost ratio (claims incurred ÷ premium earned) — not a claim-approval measure, and not something where higher or lower is simply "better". It's shown here to explain a real, consistent pattern: standalone health insurers run meaningfully lower ICR than public-sector insurers every single year, which reflects differences in pricing and business mix, not claim-settlement quality.
| Year | Public Sector | Private Sector | Standalone Health |
|---|---|---|---|
| FY 2020-21 | 103.61% | 85.78% | 78.09% |
| FY 2021-22 | 126.17% | 105.11% | 81.18% |
| FY 2022-23 | 104.91% | 86.82% | 62.17% |
| FY 2023-24 | 103.38% | 88.71% | 64.71% |
| FY 2024-25 | 100.59% | 87.59% | 68.73% |
Excludes Personal Accident and Travel business, per IRDAI's own table definition.
FY 2024-25 at a glance
2.65 Crpolicies, covering 58 Cr lives
₹28,910average amount paid per settled claim
58%of claims (by count) were cashless, 66.35% by amount
2,73,816hospital-TPA network agreements
Hospital-TPA agreements, not unique hospitals -- a hospital can hold agreements with multiple TPAs.
Premium by channelGroup 52.3% · Individual 39.7% · Government 8%
Lives covered by channelGroup 47.4% · Government 42.3% · Individual 10.3%
A relatively small share of premium (government-sponsored schemes, 8% of premium) covers the largest share of lives after group insurance — a useful reminder that premium share and population coverage tell different stories.
1,37,361 general & health insurance grievances were filed via Bima Bharosa in FY 2024-25 — claims handling is consistently the largest category. IRDAI also flags mis-selling and inadequate disclosure of policy terms as ongoing consumer-protection concerns.
What this section doesn't include, and why: a per-insurer Claim Settlement Ratio (CSR) trend across all 5 years. IRDAI published insurer-wise claims-status data for standalone health insurers only in FY2020-21 and FY2021-22; later annual reports give industry-wide totals only, not a per-insurer breakdown. Showing an estimated or substituted CSR for every insurer, every year, would look complete without actually being comparable — so we're leaving it out rather than filling the gap with a number that isn't really there. We're looking for a reliable source to close this gap, but can't promise one.
Sources: IRDAI Annual Report 2020-21 · IRDAI Annual Report 2021-22 (cross-checked against 2022-23 report) · IRDAI Annual Report 2022-23 (cross-checked against 2023-24 report) · IRDAI Annual Report 2023-24 (cross-checked against 2024-25 report) · IRDAI Annual Report 2024-25
19 insurers have comparable Solvency Ratio data in the current filter; the latest available average is 215.6%.
Industry View
All insurance types across selected years
Solvency Ratio changed by +19.9% over the selected range.
Explore Companies
20 shownInsurers in the current filter
| Company | Type | Solvency Ratio | Vs industry avg | Solvency (min 150%) | |
|---|---|---|---|---|---|
| Galaxy Health Insurance Company Limited | Health | 470% | +233.6% | 470% | |
| Bajaj General Insurance Limited | General | 325% | +88.6% | 325% | |
| Niva Bupa Health Insurance Company Limited | Health | 303% | +66.6% | 303% | |
| ICICI Lombard General Insurance Company Limited | General | 269% | +32.6% | 269% | |
| Acko General Insurance Limited | General | 230% | -6.4% | 230% | |
| Go Digit General Insurance Limited | General | 224% | -12.4% | 224% | |
| Star Health and Allied Insurance Company Limited | Health | 221% | -15.4% | 221% | |
| Royal Sundaram General Insurance Company Limited | General | 220% | -16.4% | 220% | |
| Cholamandalam MS General Insurance Company Limited | General | 218% | -18.4% | 218% | |
| SBI General Insurance Company Limited | General | 203% | -33.4% | 203% | |
| HDFC ERGO General Insurance Company Limited | General | 200% | -36.4% | 200% | |
| The New India Assurance Company Limited | General | 191% | -45.4% | 191% | |
| Aditya Birla Health Insurance Company Limited | Health | 184% | -52.4% | 184% | |
| Tata AIG General Insurance Company Limited | General | 181% | -55.4% | 181% | |
| ManipalCigna Health Insurance Company Limited | Health | 176% | -60.4% | 176% | |
| Care Health Insurance Limited | Health | 168% | -68.4% | 168% | |
| National Insurance Company Limited | General | 109% | -127.4% | 109% | |
| The Oriental Insurance Company Limited | General | 103% | -133.4% | 103% | |
| United India Insurance Company Limited | General | 102% | -134.4% | 102% | |
| IndusInd General Insurance Company Limited | General | No data | No average | No data |
Select a company to inspect its trend, industry position, and generated observations.
This page supports exploration and comparison only. It does not recommend any insurer or declare a winner. Metrics depend on the availability of public IRDAI data and company disclosures for the selected period.