Private non-life insurers see hike in filing of claims

Tags: Insurance
Private non-life insurance companies witnessed higher number of claims being registered in the September quarter of FY13, compared with same period last year, as per the quarterly disclosure data released by them. They also settled higher number of claims in the September quarter of FY13 on a year-on-year basis, although, as a proportion of total outstanding claims, it was low. As per data, six large private insurers had received 1,303,706 new claims in September quarter of FY13 and had 1,261,619 pending claims from the June quarter of FY13. Out of the total 2,565,325 health insurance claims, 46 per cent, or 1,183,897 claims were settled by insurers, 1.4 per cent, or 35,188 claims were rejected and 52.4 per cent, or 1,345,116 claims, were pending at the end of the September quarter.

Insurers had received 1,285,686 claims in the September quarter of FY12, while they had 435,864 claims from the preceding quarter. Out of the total 1,721,550 claims, they settled 63 per cent, or 1,088,184 claims, rejected 2.4 per cent, or 40,876 claims, and 34.3 per cent, or 5,91,149 claims, were pending at the end of September 2011.

The six private insurers that were considered for the analysis are Bajaj Allianz General Insurance, Reliance General Insurance, ICICI Lombard General Insurance, HDFC Ergo General Insurance, Royal Sundaram Alliance Insurance and Cholamandalam MS General Insurance.

In the September quarter of FY13, Bajaj Allianz General settled 77.8 per cent, (which is highest as a percentage of total claims) or 24,284 claims out of total claims that stood at 31,223. They had settled 83.8 per cent or 24,820 claims out of total claims of 29,608 in September 2011.

HDFC Ergo General settled 71.1 per cent, or 20,046 claims, out of the total 28,189 claims till September 2012, against 61.8 per cent, or 13,611 claims, out of the total 22,042 claims till September 2011.

ICICI Lombard settled 42.1 per cent (which is lowest as a percentage of total claims) or 814,897 claims out of the total 1,937,583 claims till September 2012, against 62.2 per cent, or 968,401 claims, out of the total 1,556,807 claims till September 2011.

“This year, we had received bulk of claims in some of the state-sponsored health insurance schemes, which takes some time to get settled. However, claim settlement in retail segment has been healthy,” said Sanjay Datta, chief of underwriting and claims at ICICI Lombard General Insurance.

Royal Sundaram repudiated 17.1 per cent (which is highest as a percentage of total claims), or 4,018 claims, out of the total 23,524 claims till September 2012, against 8 per cent, or 3,397 claims, out of the total 42,657 claims till September 2011.

HDFC Ergo General repudiated 13.3 per cent, or 3,758 claims, out of the total 28,189 claims till September 2012, against 16 per cent, or 3,521 claims, out of the total 22,042 claims till September 2011.

ICICI Lombard repudiated 0.6 per cent (which is lowest as a percentage of total claims), or 11,698 claims, out of the total 1,937,583 claims till September 2012, against 1.9 per cent, or 30,233 claims, out of the total 1,556,807 claims till September 2011.

sagarsen@mydigitalfc.com

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Child abuse needs to be tackled with the seriousness it deserves

    The Bangalore rape case has again brought into focus an issue we Indians forever shy away from facing up to — child sexual abuse.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>: THE BASE RATE BIAS

Base rate fallacy, also called base rate neglect or base ...

Parvez Imam

Revisiting history can do us all good

We often think that we understand history. We read it ...

Bubbles Sabharwal

Your happiness doesn’t depend on your needs

They are two different words (and even worlds) altogether: having ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture