Significant disparity observed between claims settled and claims payouts in the non-life insurance industry.

The Insurance Brokers Association of India (IBAI) has released a study on the general insurance industry’s claim settlement ratio and claim paid ratio for FY 2023. The study reveals that while the non-life industry has settled 81.60% of claims, it has only paid 35.47% of the total claim amount requested. This gap between the two ratios is 44.64%. The study also provides a comparison of various insurance companies in terms of claim settlement ratio and claim paid ratio. According to the study, Aditya Birla Health Insurance has had the highest claim settlement ratio (94.47%) and the highest claim paid ratio (70.43%). Acko and Niva Bupa are also among the top performers. The study highlights that several insurers have improved their performance in 2023, and Acko and Future Generali have shown significant progress. Additionally, Acko, Star Health, and Niva Bupa have the smallest difference between the number of claims settled and the amount paid.