Claims ratio in own-damage motor insurance India FY 2019 by insurer

In financial year 2019, the public insurer, New India Assurance had the highest insurance claims ratio at 85.2 percent in the own-damage motor insurance segment. On the other hand, the private insurance company Chola MS had the lowest claims ratio at 53.5 percent.

Claims ratio is the percentage of insurance claims costs that a company incurs in relation to the premiums earned in the financial year. An ideal claims ratio is considered to be between 75 and 90 percent. If the value is higher than expected, there is a potential of fraud investigation regarding the claim, while a lower ratio can indicate irrelevant products or a difficulty for customers in getting their rightful claims settled.