IRDA has released the claim settlement numbers for the financial year 2012-13 in its annual report. Claim settlement ratios state that LIC has beaten its private counter parts in this aspect for the last year.
LIC’s claim settlement ratio for 2012-13 has increased to 97.73% as compared to 97.42% in FY 2011-12.The same ratio for private insurers has gone down to 88.65% from 89.34%. The claims repudiated and claims pending were also higher for LIC.
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After LIC, the top 5 private insurance companies in terms of claim settlement ratios for FY 2012-13 are as follows:
1) ICICI Prudential – 96.29%
2) HDFC Standard – 95.76%
3) SBI Life – 94.41%
4) Max Life – 94.25%
5) Kotak Mahindra- 92.04%