Top five private general insurance companies: A comparison
Subscribe to enjoy similar stories. Selecting an insurance plan can be a hassle. You need to choose the insurance company and then the insurance product.
Certain ratios play a key role when comparing insurers. We list the best insurers in terms of different ratios, along with brokers' ratings depicting their experience of working with insurers, based on the Insurance Brokers Association of India (IBAI) data. All ratios are based on data disclosed for 2022-23 for large private and general insurance companies.
Data for 2023-24 is awaited. It measures the extent to which an insurance company's assets cover expected future claims. The Insurance Regulatory and Development Authority (IRDAI) requires insurers to maintain a minimum solvency ratio of 1.5 at all times.
People tend to look at claims settlement ratios, which only tell you about the number of claims settled in a year against the total number of claims available for processing that year. However, it only gives you half the picture. You need to look into the claims paid ratio in terms of claims amount.
This is how it has been calculated for all insurers: Total amount of claims paid for the year ending 31 March 2023/total amount of claims available for processing for the year ending 31 March 2023. This ratio measures the extent to which an insurance company rejects claims in a year. This is how it has been calculated: The number of claims that were repudiated/the total number of claims closed by the insurer out of the total number of claims available for processing.
The lower the ratio, the better the insurance company is in terms of this metric. The ratio tells you how efficient an insurance company is in resolving your complaints or grievances. The higher the
. Read more on livemint.com
