Latest health and general insurance claim settlement ratio released in 2024
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 claim 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 been settling 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 claim paid in general insurance companies also includes other insurance verticals like motor, 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 claims settled.
Though IRDAI’s claims settlement data lists the details of the claim paid in various periods, what is most important for the policyholder is whether it was cleared within
