Best Insurance Company: There are many companies in the insurance sector, but it is better to buy a policy only after getting information about which company has the lowest claim rejection ratio.
Best Insurance Company: Can you name the insurance companies which have the lowest claim rejection ratio? If not, after reading this news you will be in a position to answer this question. Based on the data submitted by the insurance companies, the Insurance Brokers Association of India (IBAI) has prepared a report, which has a lot to say about which insurance policy buyers should know.
This is how the claim settlement is
This report shows that the claim-to-settlement ratio of the companies was 86% in 2022-23, which is lower than 87% in FY 22. In simple words, there was a decrease in claim approval in 2022-23. The report also states that during this period, the claim rejection ratio in general insurance has increased to 6%. This includes coverage for motor, health, fire and marine cargo.
New India on top
According to the IBAI report, the performance of public sector insurance company New India Assurance was excellent during this period. The company’s claim rejection ratio is the lowest at 0.2%. While private sector companies like HDFC Ergo, Future Generali, Aditya Birla Health and Shriram Assurance also managed to keep their claim rejection ratio low.
Health Assurance Category
IBAI has divided general insurance companies into four categories – public sector general insurance companies, large private sector general insurance companies, other private sector insurance companies and standalone health insurance companies. In the health assurance category too, New India Assurance has topped the public insurance companies with a 95% claim settlement ratio. While among standalone health insurance companies, Aditya Birla Health is at the forefront with 95%.
These are ahead in private
Similarly, Iffco Tokio and Bajaj Allianz are among the top companies in the private sector, whose claim-settlement ratio is 90% or more. There are many reasons for claim rejection, in which incomplete or wrong information given intentionally or unintentionally while buying a policy is also a major reason. Therefore, always give complete information while taking a policy.
Motor Vehicle Category
Government insurance company New India Assurance also dominates in the settlement of motor vehicle damage claims. The company’s claim settlement in this sector is 92%, which is the highest compared to other government companies. At the same time, Royal Sundaram, Go Digit and SBI General, Future Generali are at the top among private companies. Let us tell you that insurance coverage in India is relatively low, but 18% GST is levied on insurance premium.
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