Last Updated: January 20, 2023, 13:04 IST
The fundamental factor you should look into before purchasing, renewing or transferring an insurance policy is how the insurer resolves claims. You may get an idea of how many claims a general or health insurance company pays out throughout a fiscal year as a percentage of the total claims it receives, by looking at its claim-settlement track record.
The claims payment information for general and health insurance companies for the fiscal year 2021–2022 has been made public by the Insurance Regulatory and Development Authority of India (IRDAI). The percentage of claims paid by general insurance firms includes other insurance verticals in addition to health insurance claims, such as motor, fire, marine and other insurances. It’s vital to look at how quickly claims were processed and when the claimant received the money, in addition to how many claims were settled by an insurance company.
Although IRDAI’s claim-settlement data includes information about claims paid over time, the policyholder is more concerned with whether or not the claim was settled within the first three months.
With 99.99 percent of claims settled within the first three months of filing, Navi General Insurance, formerly known as DHFL General Insurance, tops the list of private general insurance firms. Within the first three months, Reliance General Insurance and HDFC Ergo General Insurance came in second and third respectively, with 98.65 and 98.49 percent.
In the first three months, public sector general insurance companies had a lower claim-settlement ratio than private insurance companies. Top of the list with a 97.25 percent claim-settlement percentage is United India Insurance. In the first three months, the claim-settlement ratios for New India Assurance and Oriental Insurance were 92.93 percent and 90.18 percent, respectively.
Care Health Insurance resolved all claims within the first three months, which was the highest percentage among independent health insurance providers. In the first three months of the fiscal year 2021–2022, four independent health insurers—Aditya Birla Health Insurance, ManipalCigna Health Insurance, Niva Bupa Health Insurance, and Star Health Insurance—also achieved claim-settlement ratios of above 99%.
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