The Insurance Brokers Association of India (IBAI), the apex body of licensed insurance brokers, has sought that the general insurance companies should make mandatory disclosures with respect to the claim amounts paid.
IBAI has released a handbook on general insurance claim insights for policyholders which is based on the number of claims each quarter. This is because data on corresponding claim amounts is not available in public domain.
Sanjay Kedia, President, IBAI said that if the data on the claim amounts is reported every quarter, it will be an insightful information for policyholders. He added that IBAI has made a suggestion to this effect to the Insurance Regulatory and Development Authority of India (IRDAI).
