The Incurred Claim Ratio is a key performance indicator that reveals the percentage of claims paid by an insurance company out of all claims incurred, revealing the company’s claim-paying ability and potential financial stability.
When it comes to choosing a health insurance policy, one of the vital factors to consider is the insurer’s claims settlement track record. The Insurance Regulatory and Development Authority of India (IRDAI) has published its annual report, which provides Incurred Claim Ratio (ICR) data for all health insurance companies. The ICR is the percentage of the total premium collected by an insurer that is spent on settling claims. In 2023-24, the ICR decreased to 88.15%, compared to 88.89% in 2022-23.
It’s essential to understand the difference between ICR and Claims Settlement Ratio (CSR). CSR measures the percentage of claims settled out of the total claims filed, while ICR measures the percentage of premium spent on settling claims. A low ICR could indicate that the insurer is conservative in settling claims, booking more profits, or rejecting many claims. On the other hand, a high ICR could indicate that the insurer is spending more on claim settlements than it collects in premiums, which can lead to financial instability.
IRDAI has only started sharing ICR data for health insurance companies since last year, making it a valuable tool for policyholders. The data can help policyholders gauge an insurer’s claims settlement record and make more informed decisions. For policyholders, an ideal ICR is between 80-100%, indicating a balanced approach to claims settlement.
The article provides a summary of the latest ICRs of various health insurance companies, including Acko, Bajaj Allianz, Chola Ms, Future General India, HDFC ERGO, ICICI Lombard, and more. Policyholders are advised to consider the ICR data along with other factors, such as the policy’s terms, conditions, exclusions, and features, to make a well-informed decision. By understanding the ICR, policyholders can reduce the risk of claim rejection and ensure that their health insurance policy is comprehensive and effective.
Staying Healthy All Year Round: All you need to know about winter-friendly health insurance options
As winter sets in, a rise in seasonal illnesses is expected, including respiratory conditions like asthma and bronchitis, as well as cardiovascular issues. To manage these challenges, having the right health insurance is crucial, ensuring that individuals can receive timely care without financial burden. A comprehensive health insurance plan covers diagnostic tests, hospitalization, and specialized treatments.
Some top health insurance plans for winter wellness include SBI General Super Health Insurance, Aditya Birla Activ One Plan, Bajaj Allianz Health Guard Plan, Care Supreme Plan, Cholamandalam Flexi Health Plan, Digit Health Care Plus Plan, and ACKO Individual Health Insurance Plan. These plans offer features such as comprehensive coverage, cashless hospitalization, and critical illness coverage, as well as wellness benefits, free health check-ups, and extended hospital networks.
When choosing a health insurance plan for the winter, key features to look for include coverage for seasonal illnesses, cashless hospitalization, pre- and post-hospitalization benefits, critical illness coverage, and wellness benefits. Additionally, review your current policy to ensure it provides adequate coverage, and consider add-ons like critical illness riders or wellness programs to enhance protection.
The article also highlights the importance of preventive health check-ups and teleconsultation services, which can help individuals stay proactive about health risks during the cold months. With winter on its way, it is essential to prioritize health insurance and take proactive steps to manage seasonal illnesses.
Insurers seek tax relief and healthcare concessions in upcoming Budget, ET HealthWorld reports.
The Union Budget 2025-26 is expected to provide tax benefits and concessions to the insurance and healthcare sectors. Several insurance leaders have made recommendations for the budget, including:
* SBI General Insurance MD and CEO Naveen Chandra Jha hopes for tax benefits and regulatory support for initiatives like Bima Sugam to achieve the goal of “Insurance for All” by 2047.
* Bajaj Allianz Life MD and CEO Tarun Chugh suggests aligning tax deduction on life insurance annuity products with the National Pension Scheme and addressing the issue of tax on principal component of annuity products.
* IFFCO Tokio General Insurance MD and CEO Subrata Mondal expects tax incentives for policyholders to promote wider adoption of insurance products and budgetary support for government-backed insurance schemes like Pradhan Mantri Fasal Bima Yojana and Ayushman Bharat.
* PNB MetLife MD & CEO Sameer Bansal hopes for support for pension and annuity plans, including tax support for pension plans offered by life insurers and removal of GST on premiums for annuity plans.
* Universal Sompo General Insurance MD and CEO Sharad Mathur suggests reducing GST on health insurance to unlock the potential of insurance and ensure wider coverage, innovation, and financial resilience.
* ManipalCigna Health Insurance Chief Financial Officer Srikanth Kandikonda recommends reducing the tax burden by increasing the limits under Section 80D of income tax for premiums paid for health insurance to Rs 50,000 for all and Rs 1 lakh for senior citizens.
The insurance industry is expected to grow rapidly in India, with the non-life insurance industry underwriting a total direct premium of Rs 2.90 lakh crore in 2023-24, registering a growth of 12.76% from the previous year. However, the industry is still facing challenges, including a low penetration rate of 3.7% in 2023-24. The government is expected to address these challenges through the upcoming budget by providing tax benefits and concessions to the insurance and healthcare sectors.
Our top recommendation for the best insurance company in India is Aditya Birla, New India, HDFC ERGO, Bajaj, and Shriram, which settle 90% of claims, outpacing competitors Star and others.
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.
Top-ranked Car Insurance Policies in India: A Comparative Analysis for 2025
The article provides an overview of the importance of having a car insurance policy in India, highlighting the various benefits of having adequate cover against loss or damage of the vehicle, third-party liability, and unexpected events such as accidents, theft, and natural disasters. The article also compiles a list of the top 5 car insurance policies in India for 2025, including Bajaj Allianz, ICICI Lombard, Cholamandalam MS, National, and Zuno General Insurance.
The article emphasizes the importance of doing thorough research and careful analysis when selecting the best car insurance policy for one’s needs, taking into account factors such as coverage, premium, and reputation of the insurance provider. The article also highlights the benefits of having car insurance, including financial protection, legal protection, and access to cashless claim services.
Each of the top 5 car insurance policies is described, highlighting their features, benefits, and coverage options. The features and benefits of each policy include:
* Bajaj Allianz Car Insurance: Offers comprehensive cover against various risks, including theft, accidents, and natural disasters, with features such as cashless claims, 24-hour support, and affordable premiums.
* ICICI Lombard Car Insurance: Offers easy renewals, instant policy delivery, and a 50% premium reduction for annual claims-free policies, with features such as 24-hour support and a network of over 4,600 garages.
* Cholamandalam MS Car Insurance: Offers a range of car insurance plans, including third-party, standalone own-damage, and comprehensive coverage, with features such as cashless claims, instant settlement, and a wide range of add-on covers.
* National Car Insurance: Offers comprehensive coverage, including own damage, third-party liability, and personal accident cover, with features such as easy claims procedures and a range of add-on covers.
* Zuno General Insurance: Offers comprehensive coverage against theft, accidents, and natural disasters, with features such as quick claim resolution, priority maintenance, and a network of over 1,200 garages.
In conclusion, the article emphasizes the importance of having a car insurance policy to protect against financial losses in the event of an accident or vehicle theft, and offers a comprehensive overview of the top 5 car insurance policies in India for 2025.
India sets new record with sharpest fall in insurance claim rejections
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.
Bajaj Allianz General Insurance presents the 2023 Global Insurance Excellence Awards in partnership with Asia Insurance Review.
Bajaj Allianz General Insurance and Asia Insurance Review have announced the Global Insurance Excellence Awards (GIEA) to recognize the outstanding contributions of insurance advisors across Asia, the Middle East, and North Africa. The awards will honor advisors in 11 categories, including best health insurance, motor insurance, property insurance, and more. The nomination period is open from February 19 to March 20, and the winners will be announced in May.
The awards aim to celebrate the hard work and dedication of insurance advisors, who are the backbone of the industry. The award categories include Best Health Insurance Advisor, Best Motor Insurance Advisor, and Best Property Insurance Advisor, among others. The awards will be judged by an esteemed panel of international insurance industry experts, including Ronak Shah, Anusha Thavarajah, Alaa Al-Zoheiry, and Chandana Aluthgama, among others.
The GIEA Awards 2025 will be audited by KPMG and will recognize the exceptional performance of advisors in the industry. The event will be a celebration of the insurance industry’s transformative impact on society and the crucial role advisors play in supporting their customers during times of need.
Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance, said, “Insurance advisors are the unsung heroes of the industry, and it’s time to celebrate their incredible efforts. The GIEA Awards will raise the benchmark for recognizing excellence and provide a platform for advisors to showcase their achievements.”
Sheela Suppiah, CEO of Asia Insurance Review, stated, “The GIEA Awards will recognize the most deserving agents and advisors in the general insurance industry across India and beyond. We are thrilled to be part of this dynamic development and thank Bajaj Allianz for engaging us in this impressive endeavor.”
The GIEA Awards is an industry-first platform that aims to engage, motivate, and celebrate advisors from across the general and health insurance sectors, encouraging innovation and excellence in the industry. Advisors can nominate themselves or others for the GIEA Awards 2025 by filling out the online nomination form available at www.asiainsurancereview.com/giea2025.
Bajaj Allianz General Insurance is thrilled to launch the Global Insurance Excellence Awards, a prestigious recognition program, in collaboration with Asia Insurance Review, its esteemed award partner.
Bajaj Allianz General Insurance, a leading private general insurer in India, has announced the launch of the Global Insurance Excellence Awards (GIEA) 2025, which aims to recognize and honor the outstanding contributions of general insurance and health insurance advisors across Asia, the Middle East, and North Africa. The event is being organized in partnership with Asia Insurance Review, a trusted name in the industry.
The GIEA Awards will honor exceptional advisors from the insurance industry in India and internationally across 11 distinct categories, including Best Health Insurance Adviser, Best Motor Insurance Adviser, and Best Property Insurance Adviser, among others. The winners will be selected by an esteemed panel of international insurance industry experts.
The awards aim to recognize the hard work and dedication of insurance advisors, who are the backbone of the industry. The event will celebrate the transformative impact of insurance advisors, who make a difference when it matters most.
The nomination period for the GIEA Awards 2025 has begun, and advisors can fill out the nomination form online at https://www.asiainsurancereview.com/giea2025/. The nomination period closes on March 20, 2025.
According to Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance, “Insurance advisors are the unsung heroes of the industry, standing by their customers in their most challenging hours of need. With the GIEA Awards, we aim to raise the benchmark for recognizing excellence in the industry and celebrate the exceptional contributions of advisors globally.”
Bajaj Allianz General Insurance is a premier private general insurer in India, offering a wide range of general insurance products, including motor, home, and health insurance. The company has a strong presence in nearly 1,500 towns and cities across India, with an issuer rating of [ICRA]AAA from ICRA Limited, indicating the highest level of assurance regarding the punctual fulfillment of financial commitments.
Introducing ‘HERizon Care’, a pioneering health insurance plan from Bajaj Allianz General Insurance – the first-ever comprehensive coverage exclusively designed for women in India.
Bajaj Allianz General Insurance has launched a new policy called “HERizon Care” that is specifically designed to cater to the unique health and wellness needs of women. This comprehensive health insurance policy offers a range of covers, including critical illness, maternity, and reproductive health covers.
The policy is divided into two core covers: Vita Shield and Cradle Care. Vita Shield offers critical illness cover, holistic wellness protection, and extension options such as child education, loss of job, and incidental expenses. Cradle Care covers reproductive health, including infertility treatment, assisted reproductive technology, maternity expenses, and surrogate care.
Additionally, the policy offers a range of optional covers, including:
* Nurture Nest Cover, which provides support for women planning or expanding their families, including coverage for adoption expenses and egg-freezing procedures
* Motherhood Cover, which offers financial protection for assisted reproductive technologies and maternity expenses
* Fetal Flourish Cover, which ensures comprehensive health support for unborn babies, including prenatal techniques and congenital disability treatments
* Prophylactic Surgeries Cover, which addresses preventive surgeries, including mastectomy and hysterectomy
* Legal Expense Support, which aids with cases of sexual assault, kidnapping, and acid attacks
HERizon Care also offers flexible and affordable plans, with premium discounts for HPV vaccination, early policy entry, loyalty, and long-term policies. The policy is available for women aged 18-80 years and children from day 90 to 35 years.
According to Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance, “HERizon Care is not just another insurance plan, but a commitment to truly support women through every stage of their journey. We’ve thoughtfully designed this policy to address real challenges that women face, and we’re proud to offer a product that is truly comprehensive and inclusive.”
With HERizon Care, Bajaj Allianz General Insurance has set a precedent in addressing women’s specific health and wellness requirements, making it a step forward in inclusive insurance solutions.
Bajaj Allianz General Insurance presents the prestigious Global Insurance Excellence Awards in partnership with Asia Insurance Review.
Bajaj Allianz General Insurance has announced the Global Insurance Excellence Awards (GIEA) to recognize and honor outstanding contributions of general insurance and health insurance advisors across Asia, the Middle East, and North Africa. The awards will be given in 11 categories, including Best Health Insurance Advisor, Best Motor Insurance Advisor, and Best Property Insurance Advisor, among others. The awards will be judged by a panel of international insurance industry experts.
Asia Insurance Review has been chosen to oversee and administer the awards, adding credibility and international expertise to the event. The nomination period is open from February 19 to March 20, 2025, and the grand awards ceremony will be held in India in May.
Bajaj Allianz General Insurance is a leading private general insurer in India, partnering with Asia Insurance Review to celebrate the incredible efforts of insurance advisors who make a significant impact in the lives of their clients. The company’s MD & CEO, Tapan Singhel, emphasized that insurance advisors are the unsung heroes of the industry and that the GIEA awards aim to recognize their exceptional contributions.
The awards will be audited by KPMG, ensuring transparency and credibility. The GIEA Awards 2025 will recognize the dedication, passion, and hard work of advisors who are the backbone of the insurance industry. The event aims to inspire innovation, excellence, and leadership in the general insurance sector.
Anyone interested in nominating themselves or an advisor can fill out the online nomination form at asiainsurancereview.com/giea2025 or contact Julia at julia@asiainsurancereview.com for further details. The GIEA Awards 2025 is an industry-first platform to engage, motivate, and celebrate advisors from across the general and health insurance sectors, inspiring a new wave of innovation and excellence in the insurance landscape.