IRDAI annual report: LIC's claim settlement ratio deteriorated in FY20 to 96.6%

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.

from Banking/Finance-Industry-Economic Times https://ift.tt/3cZC0dF