Star Health Insurance stands out for its commitment to sustainability, earning top honors among Indian insurance companies, according to Business Standard.
According to a recent study, Star Health Insurance has been ranked as the highest in sustainability among Indian insurance companies. The study, conducted by the General Insurance Corporation of India (GIC), evaluated the sustainability performance of 14 general insurance companies operating in the country.
The GIC’s Sustainability Index 2020 assessed the companies based on their performance in social, governance, and environmental aspects. The index considered factors such as employment practices, supply chain management, greenhouse gas emissions, and community development initiatives, among others.
Star Health Insurance emerged as the top performer, scoring 86.12 out of 100, followed closely by New India Assurance (82.57) and ICICI Lombard General Insurance (81.43). The study noted that Star Health Insurance has been a leader in corporate social responsibility initiatives, with a strong focus on community development, employee welfare, and environmental sustainability.
The GIC’s Sustainability Index 2020 assessed the companies’ sustainability performance based on a comprehensive framework that included 14 indicators, categorized into three pillars: social, governance, and environmental. The study revealed that most of the insurance companies in India have made significant progress in sustainability, with 11 out of 14 companies scoring above the average.
However, the index also highlighted areas for improvement, such as corporate governance, employment practices, and supply chain management. The study recommended that companies focus on improving their sustainability reporting, transparency, and stakeholder engagement to further enhance their sustainability performance.
The GIC’s Sustainability Index 2020 is a significant benchmarking tool for the insurance industry, providing insights into the sustainability performance of Indian insurance companies. The index serves as a valuable resource for investors, stakeholders, and industry experts, enabling them to assess the sustainability credentials of these companies and make informed decisions.
By ranking highest in sustainability, Star Health Insurance demonstrates its commitment to responsible business practices, social responsibility, and environmental sustainability. The company’s strong performance in the GIC’s Sustainability Index 2020 is a testament to its efforts to create a positive impact on society and the environment.
Indian public sector general insurance companies have announced a profit of ₹1,066 crore for the third quarter of FY 2024-25, according to the Finance Ministry.
The Indian Public Sector General Insurance Companies (PSGICs) have turned around their financial fortunes, recording a profit of ₹1,066 crore in the third quarter of the financial year 2024-25. This marks a significant turnaround from the losses of over ₹10,000 crore reported in the previous year. The companies, which include Oriental Insurance Company Ltd. (OICL), National Insurance Company Ltd. (NICL), United India Insurance Company Ltd. (UIICL), and New India Assurance Company Ltd. (NIACL), have implemented various strategies to achieve this profit, including improved risk management, adoption of advanced technologies, and enhanced customer service.
According to reports, the government played a crucial role in revitalizing the PSGICs by providing capital infusions, strategic reforms, and performance-based monitoring systems. The government’s efforts, which started in 2019-20 and continued until 2021-22, included a total capital infusion of ₹17,450 crore to support structural improvements, operational efficiency, and financial stability.
The PSGICs’ profit can be attributed to several key factors, including improved risk management practices, diversification of products, and enhanced customer service. The companies have also implemented loss control measures and adopted advanced technologies to improve their operational efficiency.
The achievement of the PSGICs is significant, as it marks a major turnaround from their previously reported losses. The government’s initiatives and the companies’ efforts have resulted in a collective profit of ₹1,066 crore in the third quarter of the financial year 2024-25. This success story serves as a testament to the potential of the insurance sector and the importance of effective governance and strategic reforms.
New India Assurance Required to Pay ₹20,620 Compensation to 78-Year-Old Worli Resident for Denied COVID-19 Home Treatment Claim
The Central Mumbai District Consumer Dispute Redressal Commission has ordered New India Assurance Company to pay Rs 20,620 for rejecting a claim from a 78-year-old resident, Rajan Alimchandani, for home treatment expenses during the COVID-19 pandemic. The commission also ordered the company to pay Rs 25,000 for mental distress and Rs 5,000 for litigation costs.
Alimchandani tested positive for COVID-19 in August 2022 and his doctor decided against hospitalization, opting for home treatment instead. He submitted a claim to the insurance company for the expenses, but it was rejected on the grounds that there was no hospitalization. The company argued that the policy terms required a minimum of 24-hour hospitalization to qualify for benefits.
The commission found the insurance company at fault for rejecting the claim, citing that the treatment provided under a doctor’s supervision for COVID-19, even at home, warranted coverage. The commission held that the rejection of the claim constituted a deficiency in service and caused unnecessary mental distress to the complainant.
The commission orders the insurance company to pay the claim amount of Rs 20,620, Rs 25,000 for mental distress, and Rs 5,000 for litigation costs, holding the company accountable for its unfair practices. This decision sets a precedent for future cases and serves as a reminder to insurance companies that they must provide coverage for treatment costs, even if treatment is provided at home under a doctor’s supervision.
Important Update: NIACL has now released its Admit Card for 2024, accessible for direct download here.
The New India Assurance Co. Ltd. (NIACL) has released the admit cards for the Assistant recruitment examination. The Phase 1 examination is scheduled to be held on January 27, 2025. The recruitment aims to fill 500 Assistant positions within the organization. Candidates who registered for the exam can download their admit card for Phase 1 by visiting the official website of NIACL at newindia.co.in. To download the admit card, candidates need to use their Registration Number/Roll Number and date of birth until January 27, 2025.
The Phase 1 examination consists of three sections: English Language, Reasoning Ability, and Numerical Ability, with a total duration of 60 minutes. The exam will be conducted in English and Hindi, depending on the section. Candidates who qualify in the Main Examination will be shortlisted for the Regional Language Test before the final selection.
The recruitment process began on December 17, 2024, and ended on January 1, 2025. Candidates can visit the official NIACL website for further details. The selection process will include online tests (Preliminary and Main Examinations).
The admit card contains important details such as the candidate’s name, roll number, exam date, time, and exam centre. It is essential for candidates to carry a hard copy of the admit card to the examination hall. Additionally, candidates are advised to check their eligibility and the exam pattern before the examination.
Chandigarh State Commission orders New India Assurance Company to pay out insurance policy due to lack of reliable evidence for rejection
The State Consumer Disputes Redressal Commission, Chandigarh, has ruled in favor of Shubham Khattar, a policyholder of New India Assurance Company Limited, ordering the insurance company to pay him compensation for the loss of his Honda Jazz car in an accident. The accident occurred on February 4, 2023, when Khattar was trying to save street dogs and was rushed to the hospital, where he was declared fit and able to give a statement to the police.
Khattar had purchased a policy with New India Assurance Company Limited for his car worth ₹4,80,000 from December 15, 2022, to December 14, 2023. However, when he made a claim for the wreckage of his car, the insurance company rejected it, citing that Khattar was under the influence of alcohol at the time of the accident, as per his medical records from the PGIMER (Post Graduate Institute of Medical Education and Research).
The District Consumer Disputes Redressal Commission-I, UT Chandigarh, partly allowed the complaint and ordered the insurance company to pay ₹4,79,000, with 9% interest, ₹20,000 as compensation, and ₹10,000 as litigation costs. New India Assurance Company Limited, dissatisfied with this decision, filed an appeal with the State Consumer Disputes Redressal Commission, Chandigarh.
The State Commission agreed with the District Commission’s decision, ruling that the insurance company’s rejection of the claim was not valid. The Commission observed that there was no reliable evidence of Khattar’s alcohol consumption, as there was no blood test or breath analyzer test conducted, and the medical report was unreliable since it was not made by a person related to Khattar or a witness to the accident. As a result, the State Commission dismissed the appeal, upholding the decision of the District Commission.
The NIACL AO Phase II results for 2024 are now available for download.
The New India Assurance Company Limited (NIACL) has announced the results of the Administrative Officers Scale I – Generalist/Specialists Phase II 2024. Eligible candidates can download their results and shortlisted candidates will have to appear for the interview round. The results can be downloaded from the official website newindia.co.in. Additionally, the marks-sheet and cut-offs for the Phase-II examination will be available on the website soon.
The recruitment drive aims to fill a total of 170 vacancies, including 50 for Accounts and 120 for Generalists. Candidates are advised to keep checking the Recruitment section of the website for further details. To download the AO Phase II admit card, candidates need to follow these steps:
1. Visit the official website newindia.co.in
2. Go to the Recruitment tab
3. Click on the AO Phase II admit card link under Administrative Officers recruitment
4. Enter your login details and submit
5. Download the admit card and take a printout for future reference
The selection process will consist of a Preliminary examination, Main examination, and an Interview round. For more details, candidates are advised to visit the official website.
NIACL Assistant Recruitment 2024: 500 vacancies announced – find out more here
The New India Assurance Company Limited (NIACL) has announced the recruitment of 500 Assistants for 2024. This is an excellent opportunity for individuals to join one of India’s leading public sector insurance companies. The recruitment process will start on December 17, 2024, and conclude on January 1, 2025. Candidates can apply online through the official website of NIACL.
The vacancy is spread across various states and Union Territories in India, and the selection process will consist of a Preliminary Examination, Main Examination, and a Regional Language Test. The eligibility criteria include a graduate degree in any discipline, proficiency in the regional language of the state or Union Territory, and an age limit of 21-30 years with age relaxation for reserved categories.
The salary for selected candidates will be around Rs 40,000 per month during the initial stages of service in a metro city, inclusive of various allowances. The application fee is Rs 850 for general category candidates and Rs 100 for SC/ST/PwBD candidates.
Key dates for the recruitment are:
* Short notice date: December 11, 2024
* Start date for online applications: December 17, 2024
* Last date to apply: January 1, 2025
Candidates are advised to apply before the deadline to avoid any last-minute issues. The detailed notification is expected to be released shortly, and further details can be obtained from the official website of NIACL.
NIACL Assistant Recruitment 2024: A sudden announcement has been made for 500 vacancies, with online applications opening on December 17.
The New India Assurance Company Limited (NIACL) has released a short notice for the recruitment of Assistants for 500 posts. The application process is scheduled to begin on December 17, 2024, and end on January 1, 2025. The detailed notification is expected to be released soon.
The eligibility criteria for the post includes a graduate degree from a recognized university and knowledge of the regional language of the state/UT for which the candidate is applying. The age limit is between 21-30 years, and the gross emoluments for the selected candidate will be approximately Rs. 40,000/- per month in a metro city.
The selection process will involve a preliminary exam, main exam, and regional language test. The preliminary exam will assess the candidate’s knowledge in English language, Reasoning Ability, and Numerical Ability, and will be conducted online for 1 hour. The main exam will consist of questions on General Awareness, Computer Knowledge, Reasoning, Numerical Ability, and English Language.
The language reasoning test is mandatory for the final selection, but does not carry separate marks. Candidates who successfully pass all the stages will be offered the position of Assistant in NIACL.
The application process will be online only, and interested individuals can submit their applications through the official website of NIACL. The application fee is Rs. 100 for SC/ST/PwBD candidates and Rs. 850 for all other categories.
Delhi State Commission Slaps New India Assurance with Liability for Deficiency in Service
The Delhi State Commission, led by Justice Sangita Dhingra Sehgal, ruled that an insurer cannot reject a claim solely on the basis of late intimation by the insured, as this constitutes a deficiency in service. The case involved a poor villager who purchased a tractor for agricultural purposes, financed by the State Bank of India and insured by the New India Assurance Co. Ltd. Due to a drought, the farmer faced financial difficulties and was forced to move to Delhi, where his tractor was stolen. Despite informing the State Bank and the insurer of the theft and submitting necessary documents, the insurer failed to take any action.
The complainant filed a writ petition, which was dismissed, and subsequently filed a complaint with the District Consumer Commission, which was also dismissed on technical grounds. Undeterred, the complainant filed an appeal with the State Commission of Delhi. The insurer argued that the claims were baseless and frivolous, but the State Commission disagreed, ruling that the District Commission had erred in dismissing the case due to the delayed intimation.
The State Commission observed that while there was a delay in informing both the police and insurer, the occurrence of theft was undisputed, supported by the police’s untraced report. The Commission held that the claim should not be entirely repudiated and awarded the complainant the insurance claim on a non-standard basis, directing the insurer to pay 50% of the Insured Declared Value. The ruling serves as a reminder that insurers cannot use technicalities to avoid paying legitimate claims and that consumers have a right to receive compensation for losses covered under their policies.
New India Assurance is enhancing its underwriting processes and risk management strategies to ensure increased precision and prudence.
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The New India Assurance Company has a very strong balance sheet, with risk-adjusted capitalization at the strongest level as of the fiscal year ending March 2024, according to Best’s Capital Adequacy Ratio (BCAR). The company’s balance sheet is supported by a well-rated investment portfolio, mainly composed of domestic government and corporate bonds. However, it remains exposed to potential volatility due to its allocation to domestic equity investments. Despite this, the company’s operating performance is expected to remain adequate, albeit constrained by challenging market conditions. New India has recorded an average return on equity of 2.9% over the past five fiscal years, driven by stable investment income. However, underwriting performance is likely to face pressure from continued claims in health and motor insurance and exposure to catastrophe losses.
The company still faces challenges in enterprise risk management (ERM), particularly in underwriting risk management and pricing discipline. Despite making progress in addressing some audit-related issues and strengthening internal controls, gaps persist, which will likely continue to influence the company’s ability to align its risk management framework with global standards over the medium term. Despite these constraints, the stable outlook reflects expectations of continued profitability and strong capitalization, supported by New India’s market leadership and investment performance.
NIACL AO interview invitations for 2024 have been released! Download your interview schedule now.Note: I made the sentence more concise and clear, and also rephrased it to make it more active and engaging.
Here is a summary of the content in 400 words:
The New India Assurance Co. Ltd (NIACL) has released the Interview Call Letter for the Administrative Officer (Generalist and Specialists) (Scale I) recruitment. The call letter is available on the official website @newindia.co.in for candidates who qualified the mains examination. The interview is scheduled to take place from January 6th to 28th, 2025.
Candidates can download their call letters by logging in with their registration credentials on the official website. They will need to bring all the required documents in original for verification on the scheduled interview day. The details of the date, time, and venue will be displayed on the candidate’s respective NIACL AO Admit Card 2024.
The NIACL AO interview is the final selection stage of the recruitment process, which is being conducted to fill 170 Administrative Officer posts. The important details related to the NIACL AO Phase 3 Call Letter 2024 are as follows:
* Conducting Body: New India Assurance Company Limited (NIACL)
* Name of Exam: Administrative Officer (AO)
* Total Vacancies: 170
* Category: Admit Card
* Status: Released
* Release Date: January 2nd, 2025
* Interview Exam Date: January 6th to 28th, 2025
Candidates are advised to download their call letter well in advance of the exam date and verify all details regarding the exam venue and shift timing. The link to download the NIACL AO Interview Call Letter 2024 is available on the official website.
To download the call letter, candidates can follow the steps mentioned in the article. They should also check the details mentioned on the call letter carefully, including their name, roll number, registration number, interview center, timing, reporting time, shift timing, and information regarding important documents to carry at the center.
Insurance stocks, including LIC and ICICI Lombard, surge in value as Finance Minister announces landmark decision to open insurance sector to 100% Foreign Direct Investment.
The Indian insurance sector saw stocks like LIC India, ICICI Lombard General Insurance Company, and New India Assurance Company trade with decent gains on February 1, following Finance Minister Nirmala Sitharaman’s announcement to increase the Foreign Direct Investment (FDI) limit to 100% in the insurance sector. This move is expected to attract more foreign investments in the industry. In fact, the insurance sector received the highest FDI inflow in the service sector in the last year.
Despite having a large population, India’s insurance penetration remains low compared to international standards. With the increased FDI limit, the inflow of foreign investment is expected to increase significantly, leading to enhanced capacity and efficiency in the sector. Shiju PV, a senior partner at IndiaLaw LLP, opined that “Penetration of insurance is still at the lowest level in India compared to international standards. Hence, an increase in the FDI limit in the insurance sector can significantly increase the inflow of FDI into the country.”
The rise in stocks such as ICICI Prudential Life Insurance Company, HDFC Life Insurance Company, and SBI Life Insurance Company during the session also reflected the optimism surrounding the sector. The increased FDI limit is likely to attract more foreign players, leading to improved services, increased competition, and better coverage for Indian consumers. This development is expected to be a positive step towards Deepening the Indian insurance market and making it more attractive to foreign investors. As a result, insurance stocks continued to trade with gains throughout the day, reflecting the optimism in the sector following the announcement.
Which Indian insurance companies have the lowest claim rejection rates, according to a report by the brokers association?
The Insurance Brokers Association of India (IBAI) has released a report revealing that the claim-to-settlement ratio for general insurance in 2022-23 was 86%, down from 87% in the previous year. The report highlights that not all claims are honored, with a claim-repudiation ratio of 6% for general insurance, which includes motor, health, fire, and marine cargo. Public sector insurer New India Assurance has the lowest claims repudiation ratio of 0.2%, while private insurers HDFC Ergo, Future Generali, Aditya Birla Health, and Shriram also have lower rejection rates.
The report breaks down the general insurers into four categories, including public sector, large private sector, other private sector, and standalone health insurers. New India Assurance is also the top performer in the health insurance category, with a claim-settlement ratio of 95%. However, experts note that the data for individual health insurance policies is not available separately, making it difficult for policyholders to make informed decisions.
The report also highlights the issue of incomplete or false disclosure at the time of policy purchase, which can lead to claim rejection. Additionally, the article discusses the low insurance penetration in India, with a coverage ratio of 30% compared to over 90% in developed countries like the US. The high 18% Goods and Services Tax (GST) on insurance premiums is also criticized, leading to people settling for smaller covers due to high premiums.
Experts suggest that the insurance industry needs several reforms, including reduced tax and segregated data on claim-settlement ratios for individual and group policies, to promote growth and provide better coverage for people. The report’s findings provide a benchmark for policyholders to make informed choices when selecting insurers and purchasing policies.
NIACL releases 2025 Assistant recruitment exam admit cards, click for direct link – India TV
The New India Assurance Company Limited (NIACL) has released the admit cards for the recruitment of Assistant posts. Candidates who registered for the NIACL recruitment exam 2025 can download their admit cards from the official website, newindia.co.in. To download the admit card, candidates need to use their login credentials, including their registration number, date of birth, and other details. The facility to download the admit card will remain available until January 27, and candidates are advised to download their call letters as soon as possible to avoid last-minute rush.
The admit card contains important details such as registration number, password, date of birth, and captcha code. The NIACL Assistant prelims exam will be a 100-mark paper carrying 100 objective-type questions. The exam will be conducted online and will have a duration of one hour. There will be no sectional timing, and each incorrect answer will incur a penalty of 1/4th mark.
Candidates are advised to carry their admit cards to the exam center, as without it, they will not be allowed to appear for the exam. The NIACL prelims exam will consist of questions from English language, Reasoning, and Numerical Ability. Candidates are advised to keep a track on the official website for any updates on the exam pattern, dates, and other details. Overall, the release of the admit card is an important step in the recruitment process, and candidates are encouraged to download their admit cards promptly to avoid any last-minute issues.
AM Best Retains High Credit Ratings for The New India Assurance Company Limited
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The credit rating agency AM Best has reaffirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of “bbb+” (Good) of The New India Assurance Company Limited (New India) with a stable outlook. The rating reflects New India’s strong balance sheet, adequate operating performance, favorable business profile, and marginal enterprise risk management. New India’s balance sheet strength is supported by its risk-adjusted capitalization, which remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR).
The company’s investment portfolio is of moderate risk, with a large portion of investments held in domestic government and corporate bonds, which are well-rated on the local scale. However, the balance sheet remains subject to volatility due to the company’s allocation to domestic equity investments.
New India’s operating performance is assessed as adequate, with positive operating results over the past five years. However, the company reported a deterioration in underwriting losses in the fiscal year ending March 2024 due to catastrophe losses and higher claims from its health and motor insurance businesses. Robust investment income continues to contribute to overall earnings.
The company’s business profile is favorably assessed, reflecting its position as the largest non-life insurer in India by gross premiums written. The underwriting portfolio is moderately diversified by lines of business and distribution channels, although with an elevated concentration in health insurance. International geographical diversification is also supported by the company’s overseas operations, including foreign branches, agency offices, and subsidiaries.
However, AM Best assesses the company’s enterprise risk management (ERM) as marginal, citing a gap between the company’s risk management capabilities and the ERM framework. The company’s financial statements have been qualified for several years due to internal control weaknesses, and elevated concerns persist over the company’s pricing discipline and underwriting risk management. Despite these concerns, New India is working to strengthen its ERM framework.
New India Association of Chartered Linguists is seeking talented professionals! Apply for 500 exciting opportunities at newindia.co.in and register now by clicking the direct link provided.
Here is a summary of the content in 400 words:
The New India Assurance Company Limited (NIACL) has invited applications for 500 Assistant posts. Eligible candidates can apply online through the official website of NIACL at newindia.co.in. The registration process has begun and the last date to apply is January 1, 2025. The selection process will consist of online tests (Preliminary and Main Examination), and candidates qualifying in the Main Examination will be shortlisted for Regional Language Test before final selection.
The eligibility criteria for the recruitment are as follows: a candidate must possess a minimum qualification of Graduation in any discipline from a recognized University or any equivalent qualification recognized by the Central Government. The candidate must have passed in English as one of the subjects at SSC / HSC / Intermediate / Graduation level, and must have a certificate in proof of passing the qualifying examination as on December 1, 2024. Additionally, candidates must have knowledge of Reading, Writing, and Speaking of the Regional Language of the State/UT against the vacancies for which they wish to apply.
The age limit is between 21 to 30 years as on December 1, 2024, meaning candidates must have been born not earlier than December 2, 1994, and not later than December 1, 2003.
The application fee is ₹100 for SC/ST/PwBD/EXS candidates and ₹850 for all other candidates, payable using Debit Cards, Credit cards, Internet Banking, IMPS, Cash Cards, or Mobile Wallets.
The important dates for the recruitment are:
* Opening date of application: December 17, 2024
* Closing date of application: January 1, 2025
* Tier I (Preliminary) Online Examination: January 27, 2025
* Tier II (Main) Online Examination: March 2, 2025
Candidates are advised to apply at the earliest to avoid last-minute rush. The direct link to apply is provided below.
The National Institute of Advanced Conservation and Learning (NIACL) has announced the launch of its recruitment drive for 500 positions, with the direct application link now available.
The New India Assurance Company Limited (NIACL) has announced a recruitment drive for 500 Assistant posts. Interested and eligible candidates can apply for the NIACL Assistant Recruitment 2024 on the official website newindia.co.in from December 17, 2024, to January 1, 2025. The Tier I (Preliminary) Online Examination is scheduled for January 27, 2025, and the Tier II (Main) Online Examination will be held on March 2, 2025.
To apply, candidates need to follow these steps:
1. Go to the company’s website and navigate to the ‘Recruitment’ section.
2. Click on the ‘CLICK HERE FOR NEW REGISTRATION’ tab.
3. Fill in the online form, which can be saved and modified later.
4. Upload a photo and signature according to the specified requirements.
5. Review the entire application form before submission.
6. Make the payment of the application fee, which varies depending on the candidate’s category.
7. Click on the ‘FINAL SUBMIT’ button to complete the application process.
The age limit for the recruitment is between 21 and 30 years as of December 1, 2024. The selection process consists of three stages: a preliminary examination, a main examination, and a regional language test. Candidates who qualify for the main examination will undergo the regional language test before the final selection.
The application fee for the recruitment is Rs 100 for SC/ST/PwBD/EXS candidates and Rs 850 for all other candidates. The deadline for application is January 1, 2025. For more details, candidates can check the official website of NIACL.
Among the top insurance companies in India, Aditya Birla, New India, HDFC ERGO, and Bajaj, Star, and Shriram standout with an impressive 90% claims settlement rate, making them a reliable choice for policyholders seeking quick and efficient claim processing.
The Insurance Brokers Association of India (IBAI) has released data on the performance of insurance companies in India for the financial years 2023-24 and 2022-23. The data shows that four companies – Aditya Birla Health, HDFC Ergo, and New India Assurance from the public sector and private sector – have cleared more than 90% of claims sought by beneficiaries. Aditya Birla Health and HDFC Ergo, private sector companies, have achieved a clearance rate of 91.88% and 92.1%, respectively, while New India Assurance, a public sector company, has achieved a clearance rate of 93.13%.
On the other hand, three large private insurers – Bajaj Allianz, Star Health, and Shriram – have shown poor performance in terms of claim settlement, with clearance rates of 73.38%, 74%, and 70%, respectively. Shriram’s claim settlement rate has improved slightly from 69.16% in 2022, but it still lags behind other market leaders.
The data shows that Aditya Birla received over 8.5 lakh claims in 2023 and settled 91.88% of them, while HDFC ERGO handled 52 lakh claims and settled 94.32% of them. New India Assurance processed over 1.5 crore claims and settled 93.13% of them.
The report highlights the performance of insurance companies in India in terms of claim settlement, providing valuable insights for policyholders and insurance brokerages.
India’s insurance industry has achieved a milestone, with the lowest-ever rate of claim rejections recorded in the nation.
The Insurance Brokers Association of India (IBAI) has released a handbook that compares the claims repudiation ratios of various Indian insurers. The data is for the fiscal year 2023, the latest available. The claims repudiation ratio is the percentage of claims rejected out of the total number of claims closed by an insurer. A lower ratio is better for customers.
According to the handbook, New India Assurance has the lowest overall claims repudiation ratio of 0.2%, making it the best among all Indian insurers. Its health insurance and motor own-damage insurance claims repudiation ratios are also the lowest at 0.2% and 0.5%, respectively. Other insurers with low overall claims repudiation ratios include HDFC Ergo, Aditya Birla Health, and Future Generali.
The handbook also highlights some insurers with higher claims repudiation ratios in specific segments. In the health insurance sector, Chola MS, Tata AIG, and Star Health have raised concerns with rejection rates of 15.3%, 19.1%, and 18.5%, respectively. In the motor own-damage segment, Chola MS, Magma HDI, and Navi General have higher rejection rates of 9.3%, 10.9%, and 15.8%, respectively.
Interestingly, New India Assurance, the only listed public sector insurer, outperforms other public sector insurers in terms of claims repudiation ratio. National Insurance, Oriental Insurance, and United India have overall claims repudiation ratios of 8.3%, 9.9%, and 5.4%, respectively. Similarly, in the health insurance and motor own-damage segments, these public sector insurers have higher rejection rates.
Overall, the IBAI handbook provides valuable insights into the performance of various Indian insurance companies in terms of claims repudiation ratio. It enables customers to make informed decisions when selecting an insurance provider.
Lavanya Mundayur takes the reins as Chairperson and Managing Director of AICIL, appointed by New India Assurance.
The New India Assurance Company Limited has announced the promotion of Ms. Lavanya Mundayur to the position of Chairman and Managing Director (CMD) of the Agriculture Insurance Company of India Ltd. Prior to her elevation, Ms. Mundayur served as the General Manager (GM) at The New India Assurance Company Limited. According to a regulatory filing, Ms. Mundayur ceased to hold the position of General Manager effective December 19, 2024, following her appointment as CMD of Agriculture Insurance Company of India Ltd.
Ms. Mundayur’s appointment as CMD is effective from the date she assumes the role, with a pay scale of ₹2,05,400-2,24,400 per month. She will serve in this position until her retirement on May 31, 2029, or until further notice, whichever occurs earlier. This promotion marks a significant career milestone for Ms. Mundayur, who has been a key figure in the insurance industry. As CMD of Agriculture Insurance Company of India Ltd, she will be responsible for leading the company’s strategic direction and driving its growth and development.
The appointment of Ms. Mundayur as CMD is a testament to her skills and experience in the insurance industry. As a seasoned professional, she has demonstrated her ability to lead and manage teams, and has a deep understanding of the insurance sector. Her promotion is likely to have a positive impact on the Agriculture Insurance Company of India Ltd, and she is well-positioned to drive the company’s success in the years to come.
New India Assurance and Aditya Birla Life Insurance Company lead the way in FY23 with exceptional health insurance claims settlements.
According to data published by the Insurance Brokers Association of India, New India Assurance Co. Ltd. ranked as one of the top players in terms of health claims paid for the year ending March 2023. The company paid out over 95% of health claims received, with Aditya Birla Health Insurance ranking second, paying out over 94.5% of claims. In terms of the amount of claims paid, New India Assurance settled 98.7% of claims, while Oriental Insurance ranked second, paying out 97.4% of claims.
The claims paid ratio is a key metric used to measure the performance of insurance companies in settling claims. It is calculated as the number of claims paid up to a specific quarter (in this case, the fourth quarter of the financial year ending March 31, 2023) to the total number of claims available for processing. A higher claims paid ratio indicates that the insurance company is more efficient in settling claims.
New India Assurance’s high claims paid ratio, both in terms of the number of claims and the amount, suggests that the company has a strong track record of settling claims in a timely and efficient manner. This is good news for customers, as it indicates that they can trust the company to honor their claims and receive the compensation they are due. The company’s high performance in this regard reflects its commitment to providing excellent customer service and settling claims in a transparent and efficient manner.
NIACL announces 500 Assistant positions for 2024, explore the details now!
The New India Assurance Company Limited (NIACL) has announced the recruitment of 500 Assistant vacancies. The application process has started from December 17, 2024, and will continue until January 1, 2025. The official website to apply is newindia.co.in. Candidates must register themselves on the website and follow the guidelines to submit their application form. The application fee is ₹100 for SC/ST/PwBD/EXS candidates and ₹850 for others.
The selection process for NIACL Recruitment 2024 consists of three stages: Preliminary Examination, Main Examination, and Regional Language Test for those who qualify in the Main Examination. The Tier I (Preliminary) Online Examination is scheduled for January 27, 2025, and the Tier II (Main) Online Examination will be held on March 2, 2025.
The age limit for candidates is 21-30 years as of December 1, 2024, and the birth dates of eligible candidates range from December 2, 1994, to December 1, 2003 (inclusive). To apply, candidates must meet the eligibility criteria, which includes age, qualification, and nationality. The recruitment notice provides detailed information on the selection process, examination dates, and application fee.
Candidates can refer to the official website for the guidelines and application form. They must carefully fill out the form, upload the required documents, and pay the application fee before submitting their application. The deadline for submitting applications is January 1, 2025, and late submissions will not be accepted. The NIACL Recruitment 2024 offers an excellent opportunity for individuals to join a reputable organization in the insurance sector.