The Irony of claim settlement is the latest information that has been coming out in the recent publication of the insurance statistical bulletin of IRDAI (Insurance Regulatory and Development Authority of India) 2025. According to the said report, Acko General Insurance is the fastest at settling insurance claims majoring in general and health insurance with a 99.91 percent claim settlement at three months. Among all the public sector insurers, United India Insurance had the best solvency margin ratio of 96.33%. In this regard, the Star Health and Allied Insurance Company recorded the lowest score of 82.31% taking it below the 90% efficiency level.
IRDAI 2025 data reveals Acko’s 99.91% claim settlement lead. Check top and low-performing health insurance and general insurers in India.
Why Claim Settlement Ratio is Important?
Today, the cost of medical services can be rather high and, therefore, it becomes important to take care not only of one’s own health, but also of one’s financial capabilities. Very often, people are not insured, so it can become extremely difficult to cover the costs of a hospital stay in case of emergency. That’s why people take out health insurance, to get some coverage when such times arise.
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But it’s not only a question of purchasing an insurance policy. You should also check how efficient your insurance company is when it comes to payment of claims. This means a policy is not be of much help if your insurer is always disinclined to payyour claims or even rejects them.
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To make it easier for you to understand this, IRDAI reports claim settlement statistics annually. This shows how many claims they process and close and how they do it for each company. The most critical figure is how many claims where brought to its conclusion within 3 months, which is looked upon as the best time frame.
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What is Claim Settlement Ratio?
Claim Settlement Ratio is the total amount that an insurance company pays to its customers in terms of the total number of claims received by the company. For instance, if the ratio is 93 %, it implies that about 93 percent of the total claims are settled and paid. Claims own side – Reported Claims 2023-24:Insurers usually analyse their performance against the parameters of Claims frequency, Claims incidence rate, Claims ratio, and Loss Ratio.
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According the IRDAI Handbook the Claim Settlement Ratio 2023-24 is as follows:
Public Sector General Insurance Companies:
- United India Insurance Co. Ltd. – 96.33%
- The New India Assurance Co. Ltd. – 92.70%
- National Insurance Co. Ltd. – 91.18%
- The Oriental Insurance Co. Ltd. – 65.08%
Private Sector General Insurance Companies:
- Acko General Insurance Ltd. – 99.91%
- Bajaj Allianz General Insurance Co. Ltd. – 95.99%
- Cholamandalam MS General Insurance Co. Ltd. – 93.70%
- Future Generali India Insurance Co. Ltd. – 90.93%
Stand-Alone Health Insurance Companies:
- Aditya Birla Health Insurance – 92.97%
- Care Health Insurance – 92.77%
- Niva Bupa Health Insurance – 92.02%
- ManipalCigna Health Insurance – 88.59%
- Star Health and Allied Insurance – 82.31%
Specialized Insurance Companies:
- ECGC Ltd. – 86.63%
- Agricultural Insurance Co. of India – 46.64%
Overall average of general insurers – 81.13% claims were settled within 3 months.
Source: IRDAI Handbook of Indian Insurance Statistics, 2023-2024
READ MORE: How to Choose the Best Health Insurance Policy in 2025
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Conclusion
Before you purchase a health or a general insurance policy or planning to renew your insurance policy then it is always better to check the claim settlement ratio. The higher the ratio of a company, the better placed it is to ensure that most of the claims are settled on time. After all, during difficult times, what one might want is the insurer to be there for you without any further hassle.
READ MORE: Top Health Insurance Plans in India: Find the Right Coverage for You
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Disclaimer: The information provided in this article is for general informational purposes only. It is not intended as financial or legal advice. Please consult your financial advisor before making any decisions
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