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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

LIC

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

Bajaj Allianz

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

Max Life

19922

99.35%

0.64%

17

PNB Metife

5218

98.17%

1.83%

18

Pramerica Life Insurance

638

98.61%

1.24%

19

Reliance Nippon

9274

98.49%

1.47%

20

Sahara Life Insurance

860

97.18%

1.81%

21

SBI Life

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

Niva Bupa Health Insurance

96%

3

DIGIT Health Insurance

96%

4

Care Health Insurance

95%

5

Aditya Birla Health Insurance

94%

6

Liberty Health Insurance

94%

7

Future Generali Health Insurance

92%

8

Star Health Insurance

90%

9

Oriental Health Insurance

89%

10

Royal Sundaram Health Insurance

89%

Claims settled by LIC
(In 2017)
Claims settled by Max Life
(In 2017)
Claims settled by Bajaj Allianz
(In 2017)

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Frequently asked questions about IRDA claim settlement ratio

  • How often does the IRDA issue claim settlement ratio numbers?

    The IRDA issues claim settlement numbers of insurance companies every year.

  • Are insurance companies mandated to be registered with the IRDA?

    Yes, They are mandated under Indian Law.

  • What does claim settlement ratio mean?

    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%.

  • Which life insurance company has the best claim settlement ratio?

    Max Life Insurance has the best claim settlement ratio of 99.35% (As of 2022).

  • Which health insurance company has the best claim settlement ratio?

    Reliance Health Insurance has the best claim settlement ratio of nearly 100% (As of 2022).

  • What is claim rejection ratio?

    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.