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Incurred claims ratio, The ICR metric indicates a general insurer's ability to pay claims. The ICR metric indicates a general insurer's ability to pay claims. ICR depicts the ability of an insurance company to make payments towards claims. What is the Incurred Claim Ratio or ICR? Incurred Claim Ratio of an insurance company is about the. ICR defined as total value of all the claims paid by an Insurance company. IRDAI has the updated data of IRDA Incurred Claims Ratio (ICR) for every financial year for the general insurance companies in India.