A recent report by the Insurance Brokers Association of India (IBAI) has shed light on the performance of Indian insurance companies in settling claims. The report reveals that four insurance companies, including public and private sector entities, have cleared over 90% of claims sought by beneficiaries for the financial years 2023-24 and 2022-23. The top performers in the private sector are Aditya Birla Health and HDFC Ergo, with clearance rates of 91.88% and 92.1%, respectively. New India Assurance, a public sector company, has also performed well, clearing 93.13% of claims.
In contrast, Bajaj Allianz, Star Health, and Shriram, private insurance companies, have shown a lower settlement of claims, with clearance rates of 73.38%, 74%, and 70%, respectively. The report also notes that Shriram’s performance has improved slightly, but it still lags behind other insurance companies. Overall, Aditya Birla received over 8.5 lakh claims in 2023, with a claim clearance rate of 91.88%, while HDFC ERGO handled 52 lakh claims with a settlement rate of 94.32%.
The data analyzed by the Insurance Brokers Association of India (IBAI) for the financial years 2023-24 and 2022-23 shows that the top-performing companies are New India Assurance, Aditya Birla Health, and HDFC Ergo, while the private insurance companies like Bajaj Allianz, Star Health, and Shriram lag behind in terms of claim settlement performance. This report aims to provide valuable insights for policyholders and help them make informed decisions when choosing an insurance provider.