The total number of grievances lodged against all life insurers in India decreased from 1,54,826 in 2021-22 to 1,27,378 in 2022-23, as per the report. Grievances against private sector life insurers increased from 40,624 in 2021-22 to 45,884 in 2022-23.
Claim settlement ratio of LIC slips
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Last Updated: Feb 10, 2021, 09:39 PM IST
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Synopsis
The life insurance industry in total paid 8.46 lakh claims on individual policies, with a total payout of Rs 18042 crore in the FY20, data from the latest Insurance Regulatory and Development Authority of India’s annual report showed. Claim settlement ratio is a metric to gauge the percentage of life insurance claims an insurer has settled during a financial year against the number of claims it receives in the period.
Agencies
In the group life business, out of 10.26 lakhs total number of the group claims payable during FY20, life insurance industry paid a total of 9.98 lakh claims which is 97.27 per cent.
The life insurance industry in total paid 8.46 lakh claims on individual policies, with a total payout of Rs 18042 crore in the FY20, data from the latest Insurance Regulatory and Development Authority of Indias annual report showed. Claim settlement ratio is a metric to gauge the percentage of life insurance claims an insurer has settled during a financial year against the number of claims it receives in the period.
COVID-19 led to rise in underwriting losses for non-life insurers in FY20: IRDAI Annual Report
The underwriting losses of the general insurance industry increased by 6.27 percent YoY in FY20 to Rs 23,720 crore. February 10, 2021 / 08:10 PM IST
The onset of the coronavirus outbreak led to a rise in the underwriting losses for the general insurance companies, showed data from the IRDAI Annual Report 2019-20.
The report said that the underwriting losses of the general insurance industry increased by 6.27 percent year-on-year (YoY) in FY20 to Rs 23,720 crore. The public sector insurers’ underwriting losses increased to Rs 18,741 crore from Rs 18,533 crore in the year-ago period.