Public insurer New India Assurance Co. Ltd. ranked among the top players in terms of health claims paid for the year ending March 2023, according to data published by the Insurance Brokers Association of India.
While New India Assurance paid out over 95% of the health claims received, Aditya Birla Health Insurance—ranked second—paid out over 94.5% of the health claims received. In terms of amount, New India settled 98.7% of the claims received, while Oriental Insurance ranked second, having paid out 97.4% of these claims.
The claims paid ratio is the number of claims paid up to the fourth quarter of the financial year ending March 31, 2023, from the total claims available for processing. As such, the higher the claims paid ratio, the better an insurance company is in terms of the measured ratio. The claims paid ratio on the amount of claims is the amount paid up to the fourth quarter of the financial year from the total amount of claims available for processing.
The overall industry average for the number of claims paid stood at about 80% in the year ending March 2023. Small private sector general insurer Shriram ranked lowest in terms of the claims paid, at about 8.3% for the year ended March 2023, though at least nine other insurance companies also ranked lower than the industry average.
Among standalone health insurers, Aditya Birla saw the highest claims settled—both in terms of the number of claims and the amount. While Aditya Birla settled 94.5% of the claims in terms of the number, it settled 70.4% of all claims paid as a share of the amount of claims available for processing.
By the efficiency of an insurance company to settle the claims—the number of claims paid in three months as compared to the total number of claims available for processing—Bajaj Allianz scored the most at 90.2%.
New India Insurance and Oriental Insurance scored 92.6% and 91.6%, respectively, in efficiency ratio in terms of the amount of claims.
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