Latest health and general insurance claims settlement ratio published in 2024

In modern times, health insurance has become a necessity. Many of you have already taken out a health insurance policy to protect yourself and your loved ones from medical emergencies. The insurer is expected to offer financial support when medical necessity arises. The story is not much different when it comes to another general insurance segment like auto insurance.

However, do you know how good your insurer is at settling claims and how long it takes your health or general insurer to settle claims? Or how many claims did they reject last year? It is important to track your insurer’s claims settlement performance. If you are not satisfied with the way the insurance company handles claims, you have the option to take 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 claim payment details of general and medical insurance companies for the financial year 2022-23. Apart from health insurance claims, the claim percentage paid to general insurance companies also includes other insurance verticals such as motor, fire, marine and others.

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 of claims settled.

While the IRDAI claim settlement data shows the details of the claim paid in various periods, the most important thing for the policyholder is whether it was settled in the first three months or not.

Check the latest health and general insurance claims settlement ratio from health and general insurers

Among private health and general insurance companies, Reliance General Insurance tops the list with 98.75% claims settled in the first three months of claim initiation in 2023-24. Next is HDFC Ergo General Insurance. The private insurer has paid 98.75% of claims in the first quarter, according to data released by the IRDAI. Zuno General Insurance has settled 98.54% of claims in the initial three-month period in 2022-23.

The latest health and general insurance claims settlement ratio published in 2024

Number of claims paid (%)
The insurers < 3 months in 2022-23
Public sector insurers
The Oriental Insurance Co. Ltd. 91.62
National Insurance Co. Ltd. 91.31
United India Insurance Co. Ltd. 91.10
The New India Assurance Co. Ltd. 90.73
Private sector insurers
Reliance General Insurance Co. Ltd. 98.75
HDFC ERGO General Insurance Co. Ltd.$ 98.59
Zuno General Insurance Co. Ltd.$ 98.54
ICICI Lombard General Insurance Co. Ltd. 98.53
Acko General Insurance Ltd. 97.68
Kotak Mahindra General Insurance Co. Ltd. 97.61
Liberty General Insurance Ltd. 97.46
Raheja QBE General Insurance Co. Ltd. 97.30
Go Digit General Insurance Ltd. 96.83
SBI General Insurance Co. Ltd. 96.47
Royal Sundaram General Insurance Co. Ltd. 96.17
Tata AIG General Insurance Co. Ltd. 95.46
Navi General Insurance Ltd. 95.13
Future Generali India Insurance C. Ltd. 94.98
Magma HDI General Insurance Co. Ltd. 94.72
Cholamandalam MS General Insurance Co. Ltd. 93.63
Bajaj Allianz General Insurance Co. Ltd. 93.54
Universal Sompo General Insurance Co. Ltd. 91.58
IFFCO Tokio General Insurance Co. Ltd. 90.65
Shriram General Insurance Co. Ltd. 86,86
Bharti AXA General Insurance Co. Ltd.#
Specialized insurers
Agriculture Insurance Co. of India Ltd. 47.17
ECGC Ltd.~ 58.98
Total general insurers 80.33
Independent medical insurance
Care Health Insurance Ltd. 100.00
Niva Bupa Health Insurance Co. Ltd. 100.00
ManipalCigna Health Insurance Co. Ltd. 99.96
Star Health and Allied Insurance Co. Ltd. 99.21
Aditya Birla Health Insurance Co. Ltd. 99.01
Reliance Health Insurance Ltd. 87.50
Total autonomous medical insurance 99.48

# Spin-off of Bharti’s general insurance business AXA General Insurance Co.Ltd. to ICICI Lombard General Insurance Co.Ltd. from April 1, 2021.
~ Revised historical data of the insurer
$ 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 Security settled 91.31% of the claims in the three months. United India Insurance settled 91.10% of claims in the three months, according to IRDAI data.

Among independent health insurers, Care Health and Niva Bupa Health Insurance recorded a 100% claims settlement ratio in the first three-month period. Three other standalone health insurers ManipalCigna Health Insurance, Star Health and Allied Insurance and Aditya Birla Health Insurance recorded over 99% claim settlement ratios in the first three months of FY2022-23.

As mentioned above, it is important to check how quickly your insurance company has been processing claims. For 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 in the first three-month period, it means that the company settles more claims in the shortest possible time.

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