The Insurance Brokers Association of India (IBAI) has released a handbook revealing the claims repudiation ratios of various insurance companies in India. The claims repudiation ratio refers to the proportion of claims rejected out of the total number of claims closed by an insurer, with a lower ratio indicating better performance. According to the handbook, New India Assurance has the lowest claims repudiation ratio of 0.2% across all types of insurance, including health and motor own-damage. This means that only 0.2% of claims are rejected out of the total number of claims serviced.
New India Assurance is also the only listed public sector insurer to have a low claims repudiation ratio in health insurance and motor own-damage insurance. Other insurers with low claims repudiation ratios include HDFC Ergo, Aditya Birla Health, Future Generali, and Shriram. In the motor own-damage segment, New India Assurance has a claims repudiation ratio of 0.5%, while in health insurance, Iffco Tokio, Bajaj Allianz, and Go Digit have low rejection ratios.
In contrast, some companies have high claims repudiation ratios, with Chola MS, Tata AIG, and Star Health having ratios of 15.3%, 19.1%, and 18.5%, respectively, in the health sector. In the motor segment, Chola MS, Magma HDI, and Navi General have high repudiation ratios. It’s worth noting that public sector insurers such as National Insurance, Oriental Insurance, and United India do not perform as well as New India Assurance in terms of claims repudiation ratios. Overall, the IBAI’s handbook provides valuable insights into the performance of various insurance companies and helps policyholders make informed decisions when choosing an insurer.