Context:
Health insurers paid out only 71.3% of the Rs 1.2 lakh crore claims that were registered and outstanding during FY24, according to Irdai data.
Key Highlights:
- In the current year, insurers managed claims worth Rs 1.1 lakh crore, which exceeded 3 crore. 17.9 lakh claims, amounting to Rs 6,290 crore, are pending within this amount.
- Of the approximately 2.7 crore claims, about Rs 83,493 crore have been purchased by paying 82% of the total claims by volume and 71.3% by value.
Insurance Regulatory and Development Authority of India
Insurance Regulatory and Development Authority of India is a statutory body under the Ministry of Finance, responsible for regulation and licensing of insurance and re-insurance business in India. It is established by the Insurance Regulatory and Development Authority Act, 1999.
- Headquarter
- Hyderabad, Telangana.
- Formation
- 1999
- Owner
- Ministry of Finance, GOI.
