Slight Declines In Insurance Penetration, Female Policyholders' Proportion, IRDAI Report 2022-23!

Economy Business

States like Karnataka, Kerala, Mizoram, Sikkim and Meghalaya emerged with higher shares of life insurance policies issued to women, while Ladakh, Haryana, Jammu & Kashmir, Uttar Pradesh and Gujarat recorded comparatively lower percentages. Regarding claim settlement ratios for life insurance policies, there was a slight dip in 2022-23 to 98.45 per cent compared to 98.64 per cent in 2021-22. Both LIC and private sector insurers reported lower claim settlement ratios.In the health insurance sector, insurers settled 85.66 per cent of claims by policy count in 2022-23, but the figure dropped significantly to 71.62 per cent in terms of the amount paid. This discrepancy hinted at partial settlement of hospitalisation bills, a common issue among policyholders, often attributed to inflated hospital costs or insurer reluctance to reimburse reasonable expenses.


      The study focused on individual new business data, considering the number of policies and first-year premium for the year 2022-23

      The Life Insurance Corporation of India (LIC) had a higher share of policies sold to women at 35.81 per cent compared to private life insurers, which stood at 30.13 per cent.

      Regarding claim settlement ratios for life insurance policies, there was a slight dip in 2022-23 to 98.45 per cent compared to 98.64 per cent in 2021-22. Both LIC and private sector insurers reported lower claim settlement ratios.

 

     


About Insurance Regulatory and Development Authority:

Chairperson: Debasish Panda
Founded: 1999
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