How well does health insurer settle claims? Latest Irdai incurred claim ratio of general, health insurance companies in India
Published by Economic Times
Abhishek Kumar's role: Quoted
Abhishek Kumar, a SEBI-registered investment adviser, explained that the incurred claim ratio shows how much an insurer pays in claims for each rupee of premium, and that a low ratio could mean either careful underwriting or many rejected claims.
More of Abhishek's views on insurance
ET Wealth explains the difference between the claim settlement ratio and the incurred claim ratio (ICR), and sets out Irdai's 2023-24 data, including each insurer's ICR. According to the figures cited, insurers settled about 83% of health claims registered in 2023-24, repudiated about 11% and had about 6% pending at 31 March 2024. Experts discuss what very high or very low ICRs may indicate, with comments from Abhishek Kumar.
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How well does health insurer settle claims? Latest Irdai incurred claim ratio of general, health insurance companies in India