IRDA Mediclaim Settlement Ratio

I want to know the Mediclaim Settlement Ratio of Insurance Regulatory and Development Authority IRDA?

[Rajkumar Agarwal]

IRDA Claims Settlement Ratio for Health Insurance or Mediclaim is the total no. of health claims approved by the insurance company divided by the total no. of claims filed by customers.

Claims Settlement Ratio (CSR) shown here is different from Incurred Claims Ratio (ICR) published by the IRDA, which is just the ratio of total claim amount to total premium collected.

Here is IRDA claim settlement ratio of heath insurance in 2014-15 for some of the top companies.

Claim Settlement ratio of Max Bupa in 2014-15- 79.7%
Claims Rejected- 12.56%
Total claims settled- 88,584

Claim Settlement Ratio of Religare Health Insurance in 2014-15-87.23%
Claims rejected- 7.5%
Total claims settled-81,545

Claim Settlement Ratio of Royal Sundaram Health Insurance in 2014-15-87.93%
Claims rejected- 8.5%
Total claims settled-21,764

Claim Settlement Ratio of Cigna TTK Health Insurance in 2014-15-77.12%
Claims rejected- 19.4%
Total claims settled-711

Claim Settlement Ratio of Bajaj Allianz Health Insurance in 2014-15- 83.4%
Claims rejected- 18.8%
Total claims settled-1,43,516

Claim Settlement Ratio of ICICI Lombard Health Insurance in 2014-15- 95.2%
Claims rejected- 2.3%
Total claims settled-21,37,983

Claim Settlement Ratio of Oriental Health Insurance in 2014-15- 94.7%
Claims rejected- 0.1%
Total claims settled-6,92,720