IRDA Claim Settlement Ratio for 2019-20

September 2, 2021
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Every year IRDA publish a report of Claim Settlement Ratio of different Health insurance companies, to give a broader view for customer to make right choice in term of insurance plan and plan service. In FY 2019-20 IRDA publish their CSR report on Certain date, some of the best Health insurance companies are on the top of list and serving people with their all. Although last year was tough for common people and also for insurance companies but everyone’s get their claim settlement and it’s still going on.

First we know, Claim Settlement Ratio

Claim Settlement Ratio is the percentage of the total claim made is divided by the total claim settled. For example, suppose a Health insurance company has 1000 death claims, and out of them that company has settled 924 claims, then that company will have a claim settlement ratio of 92.40% and claim rejection rate of 7.60%.

We all know about insurance company and Claim Settlement report is like second identity of companies. Claim Settlement Ratio gives the proper way to their customer to figure out one of the best insurance company and the best plan to settle.

Claim Settlement Ratio of Health Insurance Companies

Here is the list of latest Claim Settlement Ratio of all Health insurance companies for FY 2019-20, as released by IRDAI.

Insurer Name Claim Settlement Ratio
Reliance Health Insurance 100%
Bajaj Allianz Health Insurance 98%
Max Bupa 96%
Tata AIG Health Insurance 96%
Care Health Insurance 95%
Cholmandalam Health Insurance 95%
Aditya Birla Health Insurance 94%
Universal Sompo Health Insurance 93%
Future Generali Health Insurance 92%
ManipalCigna Health Insurance 91%
Star Health Insurance 90%
Oriental Health Insurance 89%
Liberty Health Insurance 88%
Royal Sundaram Health Insurance 85%

Remarkable Points:

  • Reliance Health Insurance makes the place on top of insurance companies with 100% of Claim Settlement Ratio and Reliance Heath Insurance serving with his all.
  • There are five Health insurers having claim settlement ratio equal to or higher than 95%. It includes Bajaj Allianz (98%), Tata AIG (96%), Max Bupa (96%), Care Health Insurance (95%), Cholmandalam Health Insurance (95%).

CSR Trend of Health Insurance Companies

Let’s have a thorough insight into the trend of claim settlement ratio of Health insurance companies in FY 2019-20 from the previous year.

Claim-Settlement-2019-20-new
Claim Settlement Ratio FY 2019-20

Claim Settlement Amount of Health Insurance Companies in FY 2019-20

Well, all insurance companies try give their best and serving with good ratio and last year was like a test for everyone. In term of claim settlement companies have certain policy and they always provide claim settlement with immediate effect.

Insurance companies always try to make a Health smooth and easy. Talking about future, we all always think about our future and insurance companies are the way making your tomorrow better.  Reliance company is on top of list with serving 100% Claim Settlement and CSR making valuable insurance company.

Once, a wise man said “A policy of Health insurance is the cheapest and safest mode of making a certain provision for one’s family” so choose wisely and make your Health and decision precious too.

 

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