NEW DELHI: With India’s insurance market flooded with lucrative offers every year to save taxes and money across policies related to death, accidental, motor safety and health, a report has found that four companies — from public and private sector — stood at the top when it came to clearing more than 90% of the claims sought by the beneficiaries for the financial years 2023-24 & 2022-23.
The data found that Aditya Birla Health and HDFC Ergo, among the private sector companies, respectively clocked a clearance rate of 91.88% and 92.1%.
The same data also found that New India Assurance, among the public sector companies, clocked a clearance rate of 93.13%.
The data has been prepared by the Insurance Brokers Association of India (IBAI) 2023-24.
An analysis of the data also found that Bajaj Allianz, Star Health, and Shriram were among the private insurance companies that showed lowest settlement of claims by the beneficaries.
Overall, Aditya Birla received more than 8.5 lakh claims in 2023 and achieved a claim clearance rate of 91.88%. This was up from 89.96% in 2022.
HDFC ERGO followed closely, handling an impressive 52 lakh claims and settling 94.32% of them in 2023, an improvement from 92.10% the previous year.
New India Assurance maintained its reputation as a reliable provider, processing over 1.5 crore claims with a settlement rate of 93.13%, marginally up from 93.04% in 2022.
In contrast, three large private insurers—Bajaj Allianz, Star Health, and Shriram—were at the bottom in terms of claim settlement performance.
Bajaj Allianz handled 47 lakh claims but managed to clear only 73.38%, the lowest settlement rate among the analyzed insurers.
Star Health processed 19 lakh claims but settled just 74%, while Shriram’s performance was the weakest, with a clearance rate of only 70% for its 2 lakh claims.
When compared with previous year, Shriram’s 2023 figures show a slight improvement when it settled a mere 69.16% of claims in 2022, but it still conjured up a hopeless lag among other market leaders.
The data has been analysed by The New Indian on the overall performance of insurance companies in India at the moment.
The New Indian has also analysed the data for individual sectors from the same report. The New Indian has also attached a screenshot of the portions of the report.