As per Insurance Big Daddy – IRDA – LIC of India posted claim settlement ratio of 97.73 per cent last fiscal, as compared to 97.42 per cent in 2011-12.For private insurers (like ICICI Prudential, Bajaj Allianz, BBharti AXA, HDFC ERGO and other life insurance companies), the settlement ratio had gone down to 88.65 per cent in 2012-13, as compared to 89.34 per cent during the previous year, IRDA said.
“The claim settlement ratio of LIC was better than that of the private life insurers,” Insurance Regulatory and Development Authority said in its annual report.
There are about two dozen private life insurance firms in India and the larger ones include ICICI Prudential Life, HDFC Standard Life and Reliance Life.
The life insurance industry recorded a premium income of over Rs. 2.87 lakh crore during 2012-13, up 0.05 per cent over the previous fiscal.
While private sector insurers posted 6.87 per cent decline in premium income, LIC recorded 2.92 per cent growth in 2012-13 compared to the previous fiscal.
Commenting on the MF numbers, Sundeep Sikka, AMFI chairman and chief of Reliance MF said,” Growth in AUM is mainly due to good liquidity and higher inflows in debt funds.”