Higher claims pushed up non-life insurers' underwriting losses: Report

Life insurers paid benefits to the tune of Rs 5.02 trillion in FY22, says regulator's annual report

General and health insurers' underwriting losses widened in FY22 when their incurred claims ratio worsened on account of higher claims paid because of Covid-19. Insurers reported underwriting losses of Rs 31,810 crore, an increase of 59 per cent from the year-ago period.

The incurred claims ratio (net incurred claims to net earned premium) of the general insurance industry was 89.08 per cent in FY22 as against 81.06 per cent in the year-ago period, according to data in the industry’s regulator annual report for 2021-22.

The net incurred claims of general insurers stood at Rs 1.41 trillion in FY22 as against