IRDAI Claim Settlement Ratio (CSR) & Solvency Explorer 2026
Examine verified, unvarnished claim settlement figures for all 34 life, health, and general insurers in India. Check settlement by policy count vs total amount, financial solvency buffers, and cashless hospital grids.
| Insurer Name | Segment | Settlement Ratio (by Number) | Settlement by Amount | Solvency Ratio | Cashless Hospitals | Action |
|---|---|---|---|---|---|---|
Max Life Insurance Co. Ltd. IRDAI Reg. #104 · FY 2023-24 | Life & Term | 99.65% | 96.22% | 1.72x (Min 1.50x req.) | — (Life) | View Profile |
HDFC Life Insurance Co. Ltd. IRDAI Reg. #101 · FY 2023-24 | Life & Term | 99.50% | 94.67% | 1.87x (Min 1.50x req.) | — (Life) | View Profile |
Bandhan Life Insurance Co. Ltd. IRDAI Reg. #138 · FY 2023-24 | Life & Term | 99.37% | 91.80% | 2.30x (Min 1.50x req.) | — (Life) | View Profile |
Bajaj Allianz Life Insurance Co. Ltd. IRDAI Reg. #116 · FY 2023-24 | Life & Term | 99.23% | 93.68% | 4.88x (Min 1.50x req.) | — (Life) | View Profile |
Edelweiss Tokio Life Insurance Co. Ltd. IRDAI Reg. #147 · FY 2023-24 | Life & Term | 99.23% | 92.15% | 2.18x (Min 1.50x req.) | — (Life) | View Profile |
ICICI Prudential Life Insurance Co. Ltd. IRDAI Reg. #105 · FY 2023-24 | Life & Term | 99.17% | 95.80% | 1.92x (Min 1.50x req.) | — (Life) | View Profile |
Tata AIA Life Insurance Co. Ltd. IRDAI Reg. #110 · FY 2023-24 | Life & Term | 99.13% | 93.41% | 1.94x (Min 1.50x req.) | — (Life) | View Profile |
PNB MetLife India Insurance Co. Ltd. IRDAI Reg. #117 · FY 2023-24 | Life & Term | 99.06% | 94.40% | 1.90x (Min 1.50x req.) | — (Life) | View Profile |
Canara HSBC Life Insurance Co. Ltd. IRDAI Reg. #136 · FY 2023-24 | Life & Term | 99.01% | 93.20% | 2.52x (Min 1.50x req.) | — (Life) | View Profile |
Kotak Mahindra Life Insurance Co. Ltd. IRDAI Reg. #107 · FY 2023-24 | Life & Term | 98.82% | 94.10% | 2.65x (Min 1.50x req.) | — (Life) | View Profile |
Pramerica Life Insurance Ltd. IRDAI Reg. #140 · FY 2023-24 | Life & Term | 98.61% | 91.50% | 3.48x (Min 1.50x req.) | — (Life) | View Profile |
Life Insurance Corporation of India IRDAI Reg. #512 · FY 2023-24 | Life & Term | 98.35% | 96.12% | 1.90x (Min 1.50x req.) | — (Life) | View Profile |
Aditya Birla Sun Life Insurance Co. Ltd. IRDAI Reg. #109 · FY 2023-24 | Life & Term | 98.12% | 92.40% | 1.82x (Min 1.50x req.) | — (Life) | View Profile |
SBI Life Insurance Co. Ltd. IRDAI Reg. #111 · FY 2023-24 | Life & Term | 97.53% | 94.52% | 2.15x (Min 1.50x req.) | — (Life) | View Profile |
HDFC ERGO General Insurance Company Ltd. IRDAI Reg. #146 · FY 2023-24 | General Insurance | 96.80% | ICR: 78.4% | 1.82x (Min 1.50x req.) | 13,000+ | View Profile |
Go Digit General Insurance Ltd. IRDAI Reg. #158 · FY 2023-24 | General Insurance | 95.60% | ICR: 71.2% | 1.90x (Min 1.50x req.) | 8,600+ | View Profile |
Care Health Insurance Ltd. IRDAI Reg. #148 · FY 2023-24 | Standalone Health | 95.20% | ICR: 64.2% | 1.83x (Min 1.50x req.) | 11,400+ | View Profile |
Acko General Insurance Ltd. IRDAI Reg. #157 · FY 2023-24 | General Insurance | 94.80% | ICR: 72.5% | 2.45x (Min 1.50x req.) | 7,800+ | View Profile |
ICICI Lombard General Insurance Company Ltd. IRDAI Reg. #115 · FY 2023-24 | General Insurance | 94.50% | ICR: 76.1% | 2.62x (Min 1.50x req.) | 11,800+ | View Profile |
Aditya Birla Health Insurance Co. Ltd. IRDAI Reg. #153 · FY 2023-24 | Standalone Health | 94.10% | ICR: 65.1% | 1.95x (Min 1.50x req.) | 10,800+ | View Profile |
Bajaj Allianz General Insurance Co. Ltd. IRDAI Reg. #113 · FY 2023-24 | General Insurance | 93.40% | ICR: 74.3% | 3.25x (Min 1.50x req.) | 10,500+ | View Profile |
SBI General Insurance Company Ltd. IRDAI Reg. #144 · FY 2023-24 | General Insurance | 93.10% | ICR: 75.9% | 2.05x (Min 1.50x req.) | 8,700+ | View Profile |
Tata AIG General Insurance Company Ltd. IRDAI Reg. #108 · FY 2023-24 | General Insurance | 92.80% | ICR: 79.5% | 1.95x (Min 1.50x req.) | 9,800+ | View Profile |
Royal Sundaram General Insurance Co. Ltd. IRDAI Reg. #102 · FY 2023-24 | General Insurance | 92.50% | ICR: 77.2% | 2.10x (Min 1.50x req.) | 8,200+ | View Profile |
Kotak Mahindra General Insurance Company Ltd. IRDAI Reg. #152 · FY 2023-24 | General Insurance | 92.30% | ICR: 73.1% | 1.98x (Min 1.50x req.) | 7,200+ | View Profile |
Cholamandalam MS General Insurance Company Ltd. IRDAI Reg. #123 · FY 2023-24 | General Insurance | 92.00% | ICR: 76.8% | 2.12x (Min 1.50x req.) | 9,300+ | View Profile |
Reliance General Insurance Company Ltd. IRDAI Reg. #103 · FY 2023-24 | General Insurance | 91.80% | ICR: 81.3% | 1.68x (Min 1.50x req.) | 9,100+ | View Profile |
Niva Bupa Health Insurance Company Ltd. IRDAI Reg. #145 · FY 2023-24 | Standalone Health | 91.60% | ICR: 58.7% | 2.05x (Min 1.50x req.) | 10,500+ | View Profile |
The New India Assurance Co. Ltd. IRDAI Reg. #190 · FY 2023-24 | General Insurance | 91.20% | ICR: 95.8% | 1.78x (Min 1.50x req.) | 12,200+ | View Profile |
Star Health and Allied Insurance Co. Ltd. IRDAI Reg. #129 · FY 2023-24 | Standalone Health | 89.90% | ICR: 66.5% | 2.21x (Min 1.50x req.) | 14,200+ | View Profile |
The Oriental Insurance Company Ltd. IRDAI Reg. #556 · FY 2023-24 | General Insurance | 89.40% | ICR: 108.5% | 1.52x (Min 1.50x req.) | 7,600+ | View Profile |
United India Insurance Company Ltd. IRDAI Reg. #545 · FY 2023-24 | General Insurance | 89.10% | ICR: 101.4% | 1.54x (Min 1.50x req.) | 8,200+ | View Profile |
National Insurance Company Ltd. IRDAI Reg. #58 · FY 2023-24 | General Insurance | 88.90% | ICR: 104.2% | 1.55x (Min 1.50x req.) | 8,100+ | View Profile |
ManipalCigna Health Insurance Company Ltd. IRDAI Reg. #151 · FY 2023-24 | Standalone Health | 88.50% | ICR: 62.8% | 1.70x (Min 1.50x req.) | 9,200+ | View Profile |
How to Read Insurance Statistics Like an Underwriter
Brokers and aggregators frequently highlight a single 99% headline figure to close sales. Real financial safety requires inspecting four interconnected regulatory metrics.
If an insurer settles 99.4% of policies by number, but only 92.5% by rupee value, it means large claims are being scrutinized and rejected at a disproportionately higher rate than tiny ₹20,000 micro-insurance policies. Always check that the Settlement by Amount exceeds 93% before buying a ₹1 Cr+ term plan.
The Solvency Ratio measures how many times an insurer's net assets cover its theoretical maximum liabilities. IRDAI strictly requires a minimum of 1.50x. Insurers maintaining solvency above 1.80x (such as Bajaj Allianz, SBI Life, or ICICI Lombard) operate with immense financial cushions, ensuring rapid claim liquidity.
Unlike life insurers, health insurers are measured by ICR: total medical claims paid divided by net premium collected. An ICR between 65% and 85% is the healthy gold standard. Above 100% (common in public sector insurers) indicates chronic underwriting losses that inevitably trigger massive premium hikes at renewal.
Under Section 45 of the Insurance Act 1938, no life insurer in India can call a policy into question or repudiate a death claim after 3 continuous years from the policy date, even alleging fraud. Ensuring complete medical honesty during the first 36 months guarantees a 100% undisputed payout thereafter.
Frequently Asked Questions on Insurance Metrics
What is Claim Settlement Ratio (CSR) in life insurance?
Claim Settlement Ratio (CSR) is the percentage of death claims an insurer successfully settles out of the total claims reported during a financial year. For example, if an insurer receives 10,000 death claims and approves 9,950, its CSR is 99.50%. The remaining 0.50% represents claims that were either rejected (repudiated) due to material non-disclosure, fraud, or are pending investigation.
Why is Claim Settlement by Amount more important than by Number?
Settlement by Number tracks only the count of policies settled, which can be inflated by quickly approving low-value claims (e.g. ₹50,000 endowment policies). Settlement by Amount measures the total rupee value paid out against total claim value claimed. An insurer with a 99% CSR by number but only 91% by amount indicates that larger, catastrophic claims (such as ₹2 Crore term plans) face higher dispute and repudiation rates.
What is the Solvency Ratio and why does IRDAI mandate minimum 1.50?
The Solvency Ratio assesses an insurer's capital buffer and cash reserves relative to its liabilities. The Insurance Regulatory and Development Authority of India (IRDAI) mandates a minimum Solvency Ratio of 1.50 (150%). This statutory floor ensures that even during unprecedented black-swan events (such as a pandemic or major natural catastrophe), the company possesses ample liquid reserves to honor all policyholder obligations without risk of bankruptcy.
Can an insurer reject a life insurance claim after 3 years?
No. Under Section 45 of the Indian Insurance Act, 1938, no life insurance policy can be called in question or repudiated on any ground whatsoever (including misstatement, non-disclosure, or fraud) after the expiry of 3 continuous years from policy issuance or revival. Once a term policy completes 3 full years, the insurer is legally mandated to settle genuine death claims.
What is the difference between Incurred Claim Ratio (ICR) and Claim Settlement Ratio (CSR)?
Claim Settlement Ratio (CSR) applies primarily to life insurance and tracks claim counts. Incurred Claim Ratio (ICR) is used in health and general insurance to measure underwriting health: (Total Claim Amount Paid / Total Net Premiums Collected) x 100. An ideal ICR sits between 65% and 85%. An ICR below 50% implies excessive profit margins and aggressive claim denials, while an ICR above 100% indicates the insurer is losing money on underwriting and may sharply hike renewal premiums.
Where are these official insurance figures sourced from?
Every figure in this explorer is extracted directly from the Insurance Regulatory and Development Authority of India (IRDAI) Annual Report, statutory Public Disclosures (Forms L-25 and NL-25), and audited financial statements published on official regulatory portals.