Health insurance payouts fall short: Only 71.3% of claims settled in FY24

Health insurers paid 71.3% of claims registered in FY24, totaling Rs 83,493 crore. They collected Rs 1.1 lakh crore in premiums. Public sector insurers had the highest incurred claims ratio at 103%. Private insurers had a profitable overall business with 88.7% claims ratio. The office of the insurance ombudsman received 34,336 complaints under health insurance.