Hi Ravi, conduction losses of an inverter (regardless the number of level) depended on the IV or I2R power when the power switches are turned on. The calculation depends on the types of switch you are using.
For IGBT, we can assume that the voltage drop across the switch is almost constant (i.e. the Vce(sat) based on the device datasheet), so the conduction loss will be the collector current multiplied with this Vce(sat), i.e.
P_conduction = I*Vce(sat).
For MOSFET on the other hand, is characterised by a switch-turn-on resistance Ron, so the conduction loss should be calculated as the multiplication of the square of Drain current and the on resistance, i.e.
P_conduction = I^2*Ron
What you need to do is essentially to record the current across each switch, and uses Vce(Sat) or Ron (based on datasheets) to calculate the power losses.
Alternatively, the simulation software PSIM has provided a useful thermal block that allow you to enter the datasheet information and calculate the conduction losses (together with the switching losses) of the switches. You should have a look at that.