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LIC beats Private Insurers over Claim Settlement Ratio in 2012-13

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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.

Also read: Online versus Offline Term Insurance

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%

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