Latest health and general insurance claim settlement ratio released in 2024

In modern times, health insurance has become a must. Many of you have already purchased a health insurance policy to protect yourself and your loved ones against medical emergencies. One hopes that the insurer will provide financial support when the medical need arises. The story is not very different when it comes to another general insurance segment like car insurance.

However, do you know how good your insurer is in settling claims and how long it takes for your health or general insurer to settle claims? Or how many claims did they reject last year? It is important to keep track of the claims settlement performance of your insurer. If you are not satisfied with the way the insurance company settles claims, you have the option to port to another insurer.

The next question is how to find out how your insurer has settled claims in the past. The Insurance Regulatory and Development Authority of India (IRDAI) has released the claims payment details of general and health insurance companies for the financial year 2022-23. Apart from health insurance claims, the percentage of claims paid in general insurance companies also includes other insurance verticals such as motorbike, fire, marine, and other insurances.

To get a measure of the efficiency of the insurance company, it is important to check how quickly it is processing claims along with the number of claims settled.

Although IRDAI’s claims settlement data lists the details of the claims paid in various periods, what is most important for the policyholder is whether it was cleared within the first three months or not.

Check latest health and general insurance claims settlement ratio of health and general insurers

Among the private health and general insurance companies, Reliance General Insurance tops the list with 98.75% of claims settled within the first three months of initiating the claim in 2023-24. HDFC Ergo General Insurance comes next. The private insurer has paid 98.75% of claims in the first three-month period, according to the data released by IRDAI. Zuno General Insurance has settled 98.54% of claims in the initial three-month period in 2022-23.

Latest health and general insurance claims settlement ratio released in 2024

Number of claims paid (%)
Insurers < 3 months in 2022-23
Public sector insurers
The Oriental Insurance Co. Ltd. 91.62
National Insurance Co. Ltd. 91.31
United India Insurance Co. Ltd. 91.10
The New India Assurance Co. Ltd. 90.73
Private sector insurers
Reliance General Insurance Co. Ltd. 98.75
HDFC ERGO General Insurance Co. Ltd.$ 98.59
Zuno General Insurance Co. Ltd.$ 98.54
ICICI Lombard General Insurance Co. Ltd. 98.53
Acko General Insurance Ltd. 97.68
Kotak Mahindra General Insurance Co. Ltd. 97.61
Liberty General Insurance Ltd. 97.46
Raheja QBE General Insurance Co. Ltd. 97.30
Go Digit General Insurance Ltd. 96.83
SBI General Insurance Co. Ltd. 96.47
Royal Sundaram General Insurance Co. Ltd. 96.17
Tata AIG General Insurance Co. Ltd. 95.46
Navi General Insurance Ltd. 95.13
Future Generali India Insurance C. Ltd. 94.98
Magma HDI General Insurance Co. Ltd. 94.72
Cholamandalam MS General Insurance Co. Ltd. 93.63
Bajaj Allianz General Insurance Co. Ltd. 93.54
Universal Sompo General Insurance Co. Ltd. 91.58
IFFCO Tokio General Insurance Co. Ltd. 90.65
Shriram General Insurance Co. Ltd. 86.86
Bharti AXA General Insurance Co. Ltd.#
Specialized insurers
Agriculture Insurance Co. of India Ltd. 47.17
ECGC Ltd.~ 58.98
General insurers total 80.33
Stand-alone health insurers
Care Health Insurance Ltd. 100.00
Niva Bupa Health Insurance Co. Ltd. 100.00
Manipal Cigna Health Insurance Co. Ltd. 99.96
Star Health and Allied Insurance Co. Ltd. 99.21
Aditya Birla Health Insurance Co. Ltd. 99.01
Reliance Health Insurance Ltd. 87.50
Stand-alone health insurers total 99.48

# Demerger of general insurance business of Bharti AXA General Insurance Co. Ltd. to ICICI Lombard General Insurance Co. Ltd. wef April 01, 2021.
~ Insurer revised historical data
$ Formerly known as Edelweiss General Insurance Company Limited
Source: IRDAI

Among public sector general insurance companies, Oriental Insurance has settled 91.62% of claims in the first three months. Meanwhile, the National Insurance settled 91.31% of claims in the three months. United India Insurance settled 91.10% of claims in the three months, as per the IRDAI data.

Among standalone health insurers, Care Health and Niva Bupa Health Insurance recorded a 100% claim settlement ratio in the first three-month period. Three other standalone health insurance — Manipal Cigna Health Insurance, Star Health and Allied Insurance, and Aditya Birla Health Insurance recorded over 99% claim-settlement ratios in the initial three months of the financial year 2022-23.

As mentioned above it is important to check how efficiently your insurance company has been processing the claims. For the general and health insurance companies, the insurance regulator has mentioned claims settled in different periods such as less than three months, three months to six months, etc. The most critical data is for a period of less than three months. So, if your insurance company has the highest claim settlement numbers within the first three-month period, then it means that the company settled more claims in the shortest possible time.

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