Claim Settlement Ratio Life & Non-Life Insurance
General (Incurred Claim Settlement Ratio) and Life Insurers (Claim Settlement Ratio)
Note: Due to the nature of the data provided by IRDAI for 2022-2023, the following table displays Incurred Claim Settlement Ratios for General Insurance & Claim Settlement Ratios for Life Insurance.
| Company | Type | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Acko General Insurance Ltd. | General Insurance | 93.49 | 93.65 | 97.2 | 83.88 | 69.57 |
| Bajaj Allianz General Insurance Co. Ltd. | General Insurance | 98.61 | 94.73 | 96.59 | 74.27 | 73.8 |
| Bharti AXA General Insurance Co. Ltd. | General Insurance | 92.17 | 92.81 | 0 | 0 | |
| Cholamandalam MS General Insurance Co. Ltd. | General Insurance | 91.47 | 92.94 | 93.23 | 67.88 | 73.66 |
| Edelweiss General Insurance Co. Ltd. | General Insurance | 99.72 | 97.8 | 97.26 | 89.59 | |
| Future Generali India Insurance C. Ltd. | General Insurance | 93.34 | 93.74 | 96.01 | 79.18 | 71.85 |
| Go Digit General Insurance Ltd. | General Insurance | 99.65 | 94.24 | 96.09 | 71.87 | 70.32 |
| HDFC ERGO General Insurance Co. Ltd. | General Insurance | 99.8 | 98.36 | 98.49 | 79.04 | 87.7 |
| ICICI Lombard General Insurance Co. Ltd. | General Insurance | 96.93 | 96.93 | 97.07 | 77.33 | 70.79 |
| IFFCO Tokio General Insurance Co. Ltd. | General Insurance | 81.67 | 82.57 | 89.38 | 111.18 | 86.33 |
| Kotak Mahindra General Insurance Co. Ltd. | General Insurance | 98.62 | 96.01 | 96.9 | 56.01 | 65.56 |
| Liberty General Insurance Ltd. | General Insurance | 97.84 | 95.57 | 97.3 | 74.17 | 75.29 |
| Magma HDI General Insurance Co. Ltd. | General Insurance | 95.4 | 93.63 | 92.34 | 72.1 | 79.88 |
| Navi General Insurance Ltd. | General Insurance | 98.7 | 99.99 | 99.99 | 59.28 | 52.4 |
| Raheja QBE General Insurance Co. Ltd. | General Insurance | 30.29 | 95.51 | 93.3 | 138.67 | 77.91 |
| Reliance General Insurance Co. Ltd. | General Insurance | 98.16 | 98.59 | 98.65 | 86.31 | 81.06 |
| Royal Sundaram General Insurance Co. Ltd. | General Insurance | 97.75 | 97.74 | 95.95 | 83.36 | 77.62 |
| SBI General Insurance Co. Ltd. | General Insurance | 97.84 | 99.75 | 95.04 | 73.92 | 85.9 |
| Shriram General Insurance Co. Ltd. | General Insurance | 87.53 | 85.78 | 85.23 | 51.53 | 63 |
| Tata AIG General Insurance Co. Ltd. | General Insurance | 92.82 | 90.78 | 93.55 | 78.33 | 71.43 |
| Universal Sompo General Insurance Co. Ltd. | General Insurance | 22.14 | 94 | 95.77 | 82.84 | 81.74 |
| National Insurance Co. Ltd. | General Insurance | 45.37 | 57.8 | 86.28 | 102.35 | 95.9 |
| The New India Assurance Co. Ltd. | General Insurance | 91.99 | 86.51 | 92.93 | 103.33 | 97.36 |
| The Oriental Insurance Co. Ltd. | General Insurance | 92.71 | 91.22 | 90.18 | 130.09 | 98.89 |
| United India Insurance Co. Ltd. | General Insurance | 89.18 | 96.94 | 97.25 | 89.57 | 96.5 |
| Agriculture Insurance Co. of India Ltd. | General Insurance | 83.99 | 69.83 | 66.71 | 0 | |
| Export Credit Guarantee Corporation of India Ltd. | General Insurance | 53.35 | 58.31 | 55.51 | 0 | |
| Aditya Birla Health insurance Co. Ltd. | General Insurance | 99.36 | 99.73 | 99.41 | 64.68 | 68.31 |
| Care Health Insurance | General Insurance | 100 | 100 | 100 | 53.82 | 57.69 |
| HDFC ERGO Health Insurance Co. Ltd. | General Insurance | 0 | 0 | 0 | 0 | |
| ManipalCigna Health Insurance Co. Ltd. | General Insurance | 99.96 | 99.97 | 99.9 | 64.66 | 63.78 |
| Niva Bupa Health Insurance Co. Ltd. | General Insurance | 99.91 | 99.93 | 99.99 | 54.05 | 59.02 |
| Reliance Health Insurance Ltd. | General Insurance | 97.13 | 0 | 76.36 | 0 | |
| Star Health and Allied Insurance Co. Ltd. | General Insurance | 99.9 | 99.64 | 99.06 | 65 | 66.47 |
| Aditya Birla Sun Life Insurance Co. Ltd. | Life Insurance | 97.54 | 98.04 | 98.07 | 98.12 | 98.4 |
| Bandhan Life Insurance Co. Ltd. (Aegon Life) | Life Insurance | 98.01 | 99.25 | 99.03 | 99.03 | 99.66 |
| Ageas Federal Life Insurance Co. Ltd. | Life Insurance | 0 | 95.07 | 97.03 | 96.06 | 96.49 |
| Aviva Life Insurance Co. Ltd. | Life Insurance | 97.53 | 98.01 | 98.39 | 98.39 | 98.98 |
| Bajaj Allianz Life Insurance Co. Ltd. | Life Insurance | 98.02 | 98.48 | 99.02 | 99.04 | 99.23 |
| Bharti AXA Life Insurance Co. Ltd. | Life Insurance | 97.35 | 99.05 | 99.09 | 99.1 | 99.01 |
| Canara HSBC OBC Life Insurance Co. Ltd. | Life Insurance | 98.12 | 97.1 | 98.44 | 99.01 | 99.23 |
| Edelweiss Tokio Life Insurance Co. Ltd. | Life Insurance | 83.44 | 97.01 | 98.09 | 99.2 | 99.23 |
| Exide Life Insurance Co. Ltd. | Life Insurance | 98.15 | 98.54 | 99.09 | 99.09 | |
| Future Generali Life Insurance Co. Ltd. | Life Insurance | 95.28 | 94.86 | 96.15 | 95.04 | 96.08 |
| HDFC Life Insurance Co. Ltd. | Life Insurance | 99.07 | 98.01 | 98.66 | 99.39 | 99.5 |
| ICICI Prudential Life Insurance Co. Ltd. | Life Insurance | 97.84 | 97.9 | 97.82 | 97.8 | 99.17 |
| IndiaFirst Life Insurance Co. Ltd. | Life Insurance | 96.65 | 96.81 | 96.92 | 97.04 | 98.04 |
| Kotak Mahindra Life Insurance Co. Ltd. | Life Insurance | 96.38 | 98.5 | 98.82 | 98.82 | 98.29 |
| Axis Max Life Insurance Co. Ltd. | Life Insurance | 99.22 | 99.35 | 99.34 | 99.51 | 99.65 |
| PNB MetLife India Insurance Co. Ltd. | Life Insurance | 97.18 | 98.17 | 97.33 | 99.06 | 99.2 |
| Pramerica Life Insurance Co. Ltd. | Life Insurance | 98.42 | 98.61 | 98.3 | 98.8 | 99.06 |
| Reliance Nippon Life Insurance Co. Ltd. | Life Insurance | 98.12 | 98.49 | 98.67 | 98.6 | 98.74 |
| Sahara India Life Insurance Co. Ltd. | Life Insurance | 89.45 | 97.18 | 97.08 | 99.7 | |
| SBI Life Insurance Co. Ltd. | Life Insurance | 94.52 | 93.09 | 97.05 | 98.39 | 98.25 |
| Shriram Life Insurance Co. Ltd. | Life Insurance | 91.61 | 95.12 | 82.39 | 97.4 | 98.09 |
| Star Union Dai-ichi Life Insurance Co. Ltd. | Life Insurance | 96.96 | 95.96 | 97.42 | 97.42 | 98.66 |
| TATA AIA Life Insurance Co. Ltd. | Life Insurance | 99.06 | 98.02 | 98.53 | 99.01 | 99.13 |
| Life Insurance Corporation of India | Life Insurance | 96.69 | 98.62 | 98.74 | 98.6 | 93.48 |
General Insurers (Incurred Claim Settlement Ratio)
The table showcases the year-wise incurred claim settlement ratio of all general insurance companies for 2023-24. The incurred claim settlement ratio (ICR) indicates the credibility of the insurer and its capacity to settle claims in a particular financial year. It is calculated as the ratio of Claims Settled/Premiums Collected.
According to the IRDAI report 2023-24, the leading general Insurance providers with the highest ICR are:
- The Oriental Insurance Co. Ltd. - 98.89
- The New India Assurance Co. Ltd. - 97.36
- United India Insurance Co. Ltd. - 96.5
Life Insurers (Claim Settlement Ratio)
The table showcases the year-wise claim settlement ratio of all life insurance companies for the financial year 2023-24. The claim settlement ratio (CSR) indicates the credibility of the insurer and its capacity to settle claims in a particular financial year. It is calculated as the percentage of claims settled by an insurance company in a given year to the total number of claims received. In general, the higher the ratio, the more reliable the insurer.
According to the IRDAI report 2023-24, the leading life Insurance providers with the highest CSR are:
- Bandhan Life Insurance Co. Ltd. (Aegon Life) - 99.66
- Axis Max Life Insurance Co. Ltd. - 99.65
- HDFC Life Insurance Co. Ltd. - 99.5
