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%|
|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%|
- 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 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.