IRDA Claim settlement ratio 2018
The Second Wednesday of this month (09-01-2019), Insurance Regulatory and Development Authority of India (IRDAI) declared its annual report for the year 2018 (2017-18) in the official website. Again the LIC India (Life Insurance Corporation of India) leads in the top on Individual Death Claim Settlement section.
The Only Public Life Insurance and the largest insurance company in India is LIC India, it has an estimated asset value of more than US$ 350 Billion. LIC India had a value of 98.04 Percent in the Individual Death Claim Settlement Ratio.
From the all private insurance companies, the individual death claim settlement ratio stood at 95.24 percent. The Total Insurance rate for all insurers is 97.68 percent on Claim Settlement. LIC Stands with a net profit of Rs. 2446 Crore in the year of 2017-18. Previously it was seen in the year 2016-17, with net profit of Rs. 2231 Crore.
The Company’s (LIC India) revenue has increased in the last year, but it’s share of revenue for the Total Premium has gone down. The Company had a share of 69.36 percent on Total Premium in the year 2017-18. In the past 2016-17, it was seen at 71.81 percent on share of total premium. For the Private Sector it was seen as 28.19 percent to 30.64 percent from the year on year (2016-17-18).
Getting the new insurance policies for LIC was went down in the last year. On the other side, the new policies of Private insurance companies had increased 8.5 percent by the year. Last year, the Total number of new insurance policies sold was 2.82 Crore, where LIC India had a contribution of 75 percent and the rest with the Private Insurers.
In the year 2017-18, LIC had successfully completed 8.28 Lakh Claims on Individual Death Claim Settlement and the value of the successful claims were at Rs. 14,623 Crore. The Total number of rejected applications on Individual claim stood at 9,286 with a value of Rs. 532 Crore. However LIC India did not have a significant growth in last year as compared to Private Insurance Companies.
The Private Insurance Companies in India have increased its share from 27.69 percent to 30.65 percent in the year 2017-18. India is ranked as 10th globally in terms of Insurance Growth and the Country’s share is 2.75 percent in the Global Insurance Market. In India, the need for Insurance has increased significantly in the line of Fast growing economy.
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