Here is how your non-life company has performed in terms of settling claims

Unlike life insurance companies where they have settled over 95% of individual death claims during the pandemic year, non-life companies have settled 84% of the claim requests they received during the financial year 2021-22, shows the latest IRDAI data.

While the insurance regulator has not used the word ‘claim settlement ratio’ to describe this number, we have simply divided the total no. of claims paid during FY 2021-22 and the total no. of claim requests received along with outstanding claims (if any) to arrive at this number. And this is how life insurance industry calculates its claim settlement ratio.

Among non-life insurers, The New India Assurance has settled the highest no. of claims with respect to the total claims received. The company has paid 93% of the total claim request received. The general insurer has settled 7.26 lakh claims of the total 7.80 lakh claim requests in FY 2021-22.

Aditya Birla Health, HDFC Ergo and Raheja QBE followed New India with claim settlement ratio of 90%. Next in the list were Niva Bupa and ManipalCigna Health by paying 89% of the total claim requests received in FY 2021-22 each.

Interestingly, nine out of top 10 non-life insurers in terms of claim settlement ratio were private general insurers.

Meanwhile, standalone health insurers have settled 81% of the total claim request received. The companies settled close to 30 lakh claims compared to 37 lakh claim requests last financial year.

Overall, of the total 7 crore claim requests received during FY 2021-22 including outstanding claim requests, general insurance companies have paid claims on close to 6 crore requests, which is 84% of the total claim requests. The number is not so encouraging as they have rejected over 1 crore claim requests in FY 2021-22.

Here is the ranking of non-life companies including standalone health insurers in terms of claim requests paid.