Complete claim settlement ratio as per IRDA (As of 2022)
One of the most important things a potential policyholder needs to look at before buying a policy is the claim settlement ratio of the insurance company. It is paramount that the person knows the claim servicing record of the insurance company before he parts with his hard earned money to buy an insurance policy.
All insurance companies in India are regulated by the IRDA, and the IRDA provides a complete yearly list of the claim settlement ratio of all registered insurance companies every year.
Let us go ahead and investigate the complete claim settlement ratio of all insurance companies as per IRDA (As of 2022)
Claim settlement ratio of life insurance companies (As of 2022)
Sr. No | Company | No of policies | Claim settlement % | Claim rejection % |
1 | 933889 | 98.62% | 0.69% | |
2 | Aditya Birla Sunlife | 6455 | 98.0% | 1.79% |
3 | Aegon | 398 | 99.25% | 0.75% |
4 | Ageas Federal | 1716 | 95.07% | 2.11% |
5 | Aviva | 1034 | 98.01% | 1.99% |
6 | 14115 | 98.48% | 1.49% | |
7 | Bharti AXA | 1875 | 99.05% | 0.95% |
8 | Canara HSBC OBC | 1844 | 97.10% | 1.58% |
9 | Edelweiss Tokio | 487 | 97.01% | 2.59% |
10 | Exide Life | 4978 | 98.54% | 0.22% |
11 | Future Generali | 1163 | 94.86% | 4.49% |
12 | HDFC Life | 16639 | 98.01% | 0.49% |
13 | ICICI Prudential | 14518 | 97.90% | 1.95% |
14 | India First Insurance | 2886 | 96.81% | 2.68% |
15 | Kotak Mahindra | 4336 | 98.50% | 1.14% |
16 | 19922 | 99.35% | 0.64% | |
17 | PNB Metife | 5218 | 98.17% | 1.83% |
18 | 638 | 98.61% | 1.24% | |
19 | Reliance Nippon | 9274 | 98.49% | 1.47% |
20 | Sahara Life Insurance | 860 | 97.18% | 1.81% |
21 | 31855 | 93.09% | 3.80% | |
22 | Shriram Life | 3506 | 95.12% | 3.72% |
23 | Star Union | 1569 | 95.96% | 3.55% |
24 | Tata AIA | 4556 | 98.02% | 1.94% |
Source: IRDA
Also, it is pertinent to not just look at the claim settlement ratio singularly. One must also look at the total number of policies written by the insurance company. For instance, Aegon has a claim settlement ratio of 99.25%, which makes it marginally higher than LIC, but LIC has written and serviced a massive 933889 compared to Aegon Life’s paltry 398 policies.
Claim settlement ratio of health insurance companies (As of 2022)
Sr. No | Company | Claim settlement % |
1 | Reliance Health Insurance | 100% |
2 | 96% | |
3 | DIGIT Health Insurance | 96% |
4 | Care Health Insurance | 95% |
5 | 94% | |
6 | Liberty Health Insurance | 94% |
7 | Future Generali Health Insurance | 92% |
8 | 90% | |
9 | Oriental Health Insurance | 89% |
10 | 89% |
Frequently asked questions about IRDA claim settlement ratio
The IRDA issues claim settlement numbers of insurance companies every year.
Yes, They are mandated under Indian Law.
Claim settlement ratio means the total percentage of claims settled by the insurance company. For instance, if policyholders have made 100 claims/year and the insurance company has serviced 99 of the 100 claims, the insurance company's claim settlement ratio will be 99%.
Max Life Insurance has the best claim settlement ratio of 99.35% (As of 2022).
Reliance Health Insurance has the best claim settlement ratio of nearly 100% (As of 2022).
The total percentage of claims that an insurance company has rejected in a calendar year is referred to as the company's claim rejection ratio.
