Star Health and Manipal Cigna rank low in claims settlement while SBI General leads in payouts

A recent report highlights that Star Health and Manipal Cigna are among the worst insurers for claims settlement, with Star Health having a claims paid ratio of just 54.61%. In contrast, SBI General Insurance leads with a claims paid ratio of 88.3%. The report emphasizes the importance of the claims paid ratio, which reflects the total amount paid on claims, rather than just the number of claims settled. Many insurers focus on settlement ratios, which can be misleading if larger claims are unresolved. The Insurance Brokers Association of India has released a handbook to help policyholders understand various metrics, including claims paid ratios and grievance resolution ratios. The report calls for better transparency and more detailed data from insurers to aid customer decision-making.