Get ready to shell out more for motor, health & fire insurance
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The incurred claims ratio (or ICR — net incurred claims to net premium) of the non-life insurance industry declined to 88.85% in 2011-12 from 93.3% in the previous fiscal. The ICR for public sector insurers fell to 89.22% in 2011-12 from 97.03% in the previous year, while the private sector insurers' ICR marginally rose to 88.22% in 2011-12 from 86.71% in the previous year.
The Irda data show that operating expenses of non-life insurers had risen 5.25% to R11,178 crore in 2011-12 over the previous year. While the operating expenses of the PSU insurers slipped only marginally by 1.87% in 2011-12 to R6,563 crore, that of the private sector rose 17.35% to R4,614 crore.