The Insurance Regulatory and Development Authority of India (IRDAI) has released its annual report on the Claim Settlement Ratio (CSR) for 2023-24, which provides information on how different insurers handle claims. The overall CSR for individual death claims within 30 days, including both private insurers and Life Insurance Corporation of India (LIC), stood at 96.82%. The report highlights the performance of various life insurers in India.
Axis Max Life Insurance Limited, a private insurer, topped the list with a CSR of 99.79% in terms of number of policies, settling 19,569 policies within 30 days. HDFC Life Insurance Company Limited was second, with a CSR of 99.97%, settling 19,333 policies within 30 days. LIC, India’s largest public-sector insurer, topped the list in terms of the number of policies settled, with 7,99,612 policies settled within 30 days.
Some private insurers achieved 100% CSR, including Kotak Mahindra Life Insurance Company Limited, Ageas Federal Life Insurance Company Limited, Future Generali India Life Insurance Company Limited, and Aviva Life Insurance Company India Limited. HDFC Life Insurance and Axis Max Life Insurance topped the list in terms of CSR by benefit amount, with 99.98% and 99.97% of the total benefit amount paid out for claim settlement within 30 days, respectively.
The report also highlighted that private insurers led the list with the highest CSR (99%) in terms of the number of policies settled, with 1,51,770 policies settled within 30 days. The combined CSR of LIC and private insurers in India stood at 96.82%, with 9,51,382 policies settled within 30 days. The total benefit amount paid by private insurers in FY24 was Rs 10,038.72 crore, with 97.58% paid within 30 days.