Latest health insurance claim settlement ratio of companies in 2021
One of the most important money lessons that the ongoing pandemic has taught us is the need for having the right type of health insurance policy and having an adequate amount of it. However, just having a health insurance policy will not be good enough if the insurer does not honour your claim during a medical emergency. So, how does one select a dependable health insurance provider?One ratio that can help you is the claim settlement ratio; this ratio gives you an idea as to how reliable the health insurance company can be in case you need to make a claim. The Insurance Regulatory and Development Authority of India (Irdai) has released the claims settlement details of general and health insurance companies for the financial year 2019-20.Among the private general insurance companies, HDFC Ergo General Insurance tops the chart with 99.8% claims settled in first 3 months of making the claim. This is closely followed by Edelweiss General and Go Digit with 99.72% and 99.72% and 99.65%, respectively, within the first 3-month period. However, going by the incurred claim ratio, Edelweiss General Insurance, a relatively new company, has topped the chart with 113.05% during the financial year 2019-20. (The incurred claims ratio indicates the percentage amount of premium paid towards claims. Read on to find out why this ratio is important.)
Only six private insurers have an incurred claims settlement ratio between 75% and 90% (an ideal range recommended by experts) for the financial year 2019-20. The lowest ratio of 21.08 was registered by Acko General Insurance. The other three insurers that have registered ratio below 50% are Navi General Insurance (erstwhile DHFL General Insurance) 34.69%, Cholamandalam MS General Insurance 40.67% and Kotak Mahindra General Insurance 49.22%.
Source : Economic Times