Latest claim settlement ratio of life insurance companies in India released in 2024

economictimes.indiatimes.com:

claim settlement ratio comes into play. It is one of the crucial metrics that give you a rough sense of how the insurance company honours the policyholders' claims.

What is a claim settlement ratio?

Claim settlement ratio is a percentage of claims that the insurer has paid out against the number of outstanding claims during a financial year. As a thumb rule, the higher the claim settlement ratio, the more reliable the insurer is. So if you are planning to buy a new insurance policy or renew your existing one, you must check the claim settlement ratio of the insurer along with other factors such as premium amount and coverage.

IRDAI releases latest claim settlement ratio of the life insurers

The Insurance Regulatory and Development Authority of India (IRDAI) has recently released the details of claim settlements of all life insurance companies for the year 2022-23. The individual death claim settlement ratio of the life insurance industry was 98.45% in 2022-23. It was 98.64% in 2022-23.

What is claim settlement ratio by number?

In terms of number of policies settled during 2022-23, Max Life Insurance has the highest claim settlement ratio of 99.51%. With a 99.39% claim settlement ratio, HDFC Life Insurance came second on the list. Aegon Life Insurance bagged the third position with a 99.37% claim settlement ratio.

Claim settlement ratio of life insurance companies 2024 (in terms of numbers)