Latest health and general insurance claim settlement ratio released in 2024 (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 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 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

# Demerger of general insurance business of Bharti AXA General Insurance Co.Ltd. to ICICI Lombard General Insurance Co.Ltd. w.e.f 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 — ManipalCigna 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 promptly 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 settles more claims in the shortest possible time.

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