While buying, renewing, or porting a health insurance policy, the first question that comes to our mind is how the insurance company settles claims. The claim settlement record of a general or a health insurance company gives us a rough idea about how many claims it pays out during a financial year as a percentage of the total number of claims it gets. The Insurance Regulatory and Development Authority of India (Irdai) recently released its annual report mentioning the claims payment details of general and health insurance companies for the financial year 2022-23.
