Lok Sabha Question No. 1020 (UNSTARRED), answered on 2015-12-04
Subject: Settlement of Insurance Claims
Ministry: FINANCE
Asked by: SHOBHA KARANDLAJE

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES

## LOK SABHA UNSTARRED QUESTION NO. 1020

## TO BE ANSWERED ON 4 th December, 2015/Agrahayana 13, 1937 (Saka)

## Settlement of Insurance Claims

- (a) the details of the premium collected and claims settled by the public sector as well as private sector insurance companies during each of the last three years and the current year;

1020. KUMARI SHOBHA KARANDLAJE: Will the Minister of FINANCE be pleased to state:

- (b) whether the Insurance Regulatory and Development Authority monitors the claims/payment position of the insurance companies by collecting the claim payment data on a quarterly basis;
- (d) if not, the steps taken/being taken to protect the interests of public for getting speedy settlement of their insurance claims?

## ANSWER

## THE MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI JAYANT SINHA)

- (c) if so, the details thereof; and

(a): The data as furnished by Insurance Regulatory and Development Authority of India (IRDAI) on premium collected and claims settled by the public as well as private life insurers' during the last three years is given in Annex 1 and 2.  The Data pertaining to premium and claims settled by non-life insurers' are given in Annex 3 and 4.

(b) to (d): IRDAI monitors the claims payment position of the insurance companies through collection of claims payment data on a quarterly basis.

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Star Union Dai-ichi Life Insurance Co. Ltd

1068.8

948.75

| TATA AIA Life Insurance Co. Ltd   |   2760.43 |   2323.7 |   2121.79 |
|-----------------------------------|-----------|----------|-----------|
| Private Total                     |   78398.9 |  77340.9 |   88433.5 |
| LIC of India                      |  208804   | 236942   |  239668   |
| Industry Total                    |  287202   | 314283   |  328101   |

Source: Insurance Regulatory and Development Authority of India (IRDAI)

1134.68

Annexure referred to in reply to Lok Sabha Un-Starred Question Number 1020 for 04.12.2015

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Annexure-

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| Sahara India Life Insurance Co. Ltd        |    809 |    7.18 |      3 |      0.01 |    754 |     6.75 |      1 |       0 |    700 |     6.38 |      1 |    0.01 |
|--------------------------------------------|--------|---------|--------|-----------|--------|----------|--------|---------|--------|----------|--------|---------|
| SBI Life Insurance Co. Ltd                 |  12676 |  217.52 |  11187 |  222.18   |  12960 |   255.28 |  12122 |  267.38 |  13303 |   305.4  |  10169 |  282.42 |
| Shriram Life Insurance Co. Ltd             |   1079 |   21.42 |   3746 |   58.98   |    966 |    20.3  |   5515 |   76.14 |   1307 |    33.13 |   6353 |   67.21 |
| Star Union Dai-ichi Life Insurance Co. Ltd |    662 |   13.75 |    697 |    6.1358 |    949 |    19.48 |   1555 |   12.24 |   1191 |    33.98 |    901 |   21.57 |
| TATA AIA Life Insurance Co. Ltd            |   4125 |   95.82 |   1516 |   22.2    |   4225 |    94.8  |   1225 |   31.87 |   3659 |    88.27 |    988 |   27.26 |
| Private Total                              | 113384 | 2147.3  | 105319 |  949.08   | 110410 |  2385    | 143530 | 1222.3  | 109044 |  2735.96 | 176013 | 1483.5  |
| LIC of India                               | 733545 | 7222.9  | 244350 | 1697.4    | 746212 |  8475    | 266367 | 1882.8  | 742243 |  8955.43 | 272809 | 2037.3  |
| Industry Total                             | 846929 | 9370.2  | 349669 | 2646.5    | 856622 | 10861    | 409897 | 3105.1  | 851287 | 11691.4  | 448822 | 3520.8  |

Source: Insurance Regulatory and Development Authority of India (IRDAI)

## Non-life Insurers wise Gross Direct Premium for the last 3 years*

ANNEXURE- 3

( Rs. Crore)

PREMIUM COLLECTED

| SLNO   | Insurer                                            |         |         |         |
|--------|----------------------------------------------------|---------|---------|---------|
|        |                                                    | 2012-13 | 2013-14 | 2014-15 |
|        | PRIVATE SECTOR INSURERS                            |         |         |         |
| 1      | Bajaj Allianz General insurance Company Limited    | 4001    | 4516    | 5230    |
| 2      | Bharti Axa General Insurance Company limited       | 1218    | 1423    | 1457    |
| 3      | Cholamandalam MS General Insurance Company Limited | 1621    | 1855    | 1890    |
| 4      | Future Generali General Insurance Company Limited  | 1105    | 1263    | 1438    |
| 5      | HDFC ERGO General Insurance Company limited        | 2453    | 2907    | 3182    |
| 6      | ICICI Lombard General Insurance Company limited    | 6134    | 6856    | 6678    |
| 7      | IFFCO Tokyo General Insurance Company Limited      | 2565    | 2931    | 3330    |
| 8      | L& T General Insurance Company limited             | 182     | 254     | 332     |
| 9      | Raheja QBE General Insurance Company Limited       | 21      | 23      | 22      |
| 10     | Reliance General Insurance Company Limited         | 2010    | 2389    | 2716    |
| 11     | Royal Sundaram General Insurance Company limited   | 1560    | 1437    | 1569    |
| 12     | SBI General Insurance Company limited              | 771     | 1188    | 1577    |
| 13     | Shriram General Insurance company Limited          | 1541    | 1511    | 1497    |
| 14     | Tata AIG General Insurance Company Limited         | 2135    | 2363    | 2714    |
| 15     | Universal Sompo General Insurance company Limited  | 534     | 540     | 701     |
| 16     | Liberty Videocon General Insurance Company Ltd.    | 95      | 425     | 474     |
| 17     | Magma HDI General Insurance Company Limited        | 2       | 130     | 284     |
|        | PRIVATE INSURER TOTAL                              | 27951   | 32010   | 35090   |
|        | PUBLIC SECTOR INSURER                              |         |         |         |

National Insurance Company Limited

| 1   |                                                | 9165.73   | 10223   | 11242   |
|-----|------------------------------------------------|-----------|---------|---------|
| 2   | New India Insurance Company Limited            | 10037.95  | 11540   | 13209   |
| 3   | Oriental Insurance Company Limited             | 6552.4    | 7128    | 7408    |
| 4   | United India Assurance Company Limited         | 9266.04   | 9709    | 10690   |
|     | PUBLIC SECTOR TOTAL                            | 35022     | 38600   | 42549   |
|     | STANDALONE HEALTH INSURERS                     |           |         |         |
| 1   | Apollo Munich health Insurance Company Limited | 619.99    | 692     | 803     |
| 2   | Cigna TTK Health Insurance Company Limited     | NA        | 0.34    | 22      |
| 3   | Max Bupa health Insurance company Limited      | 207       | 309     | 373     |
| 4   | Religare Health Insurance Company Limited      | 39        | 152     | 276     |
| 5   | Star Health Insurance Company Limited          | 860       | 1091    | 1469    |
|     | STANDALONE HEALTH INSURERS TOTAL               | 1726      | 2245    | 2943    |
|     | SPECIALISED INSURERS                           |           |         |         |
| 1   | Export Credit & Guarantee Corporation Limited  | 1157.25   | 1304    | 1362    |
| 2   | Agriculture Insurance Corporation of India     | 3297.42   | 3395    | 2740    |
|     | SPECIALISED INSURERS TOTAL                     | 4455      | 4699    | 4102    |
| 28  | Grand Total                                    | 69154     | 77554   | 84684   |

Source: Insurance Regulatory and Development Authority of India (IRDAI)

Annexure referred to in reply to Lok Sabha Un-Starred Question Number 1020 for 04.12.2015 ANNEXURE-4

## Non-life Insurers wise Amount of Claims settled for the last 3 years*

CLAIMS SETTLED**

| SLNO   | Insurer                                            | 2012- 13   | 2013- 14   | 2014- 15   |
|--------|----------------------------------------------------|------------|------------|------------|
|        | PRIVATE SECTOR INSURERS                            |            |            |            |
| 1      | Bajaj Allianz General insurance Company Limited    | 2,270      | 2,207      | 3476       |
| 2      | Bharti Axa General Insurance Company limited       | 564        | 717        | 927        |
| 3      | Cholamandalam MS General Insurance Company Limited | 773        | 995        | 984        |
| 4      | Future Generali General Insurance Company Limited  | 521        | 671        | 852        |
| 5      | HDFC ERGO General Insurance Company limited        | 920        | 1,427      | 1700       |
| 6      | ICICI Lombard General Insurance Company limited    | 3,366      | 3,747      | 4059       |
| 7      | IFFCO Tokyo General Insurance Company Limited      | 1,317      | 1,594      | 1738       |
| 8      | L& T General Insurance Company limited             | 78         | 110        | 132        |
| 9      | Raheja QBE General Insurance Company Limited       | 2          | 0.29       | 3          |
| 10     | Reliance General Insurance Company Limited         | 902        | 1,467      | 1751       |
| 11     | Royal Sundaram General Insurance Company limited   | 793        | 864        | 1001       |
| 12     | SBI General Insurance Company limited              | 96         | 313        | 486        |
| 13     | Shriram General Insurance company Limited          | 224        | 253        | 372        |
| 14     | Tata AIG General Insurance Company Limited         | 882        | 1,117      | 1302       |

( Rs. Crore)

Universal Sompo General Insurance company

| 15   | Limited                                         | 170   | 316   | 355   |
|------|-------------------------------------------------|-------|-------|-------|
| 16   | Liberty Videocon General Insurance Company Ltd. | 0.95  | 22    | 247   |
| 17   | Magma HDI General Insurance Company Limited     | 0.01  | 23    | 124   |
|      | PRIVATE SECTOR TOTAL                            | 12878 | 15844 | 19509 |
|      | PUBLIC SECTOR INSURER                           |       |       |       |
| 1    | National Insurance Company Limited              | 5,781 | 6,235 | 8232  |
| 2    | New India Insurance Company Limited             | 6,375 | 7,424 | 9740  |
| 3    | Oriental Insurance Company Limited              | 4,181 | 3,840 | 5567  |
| 4    | United India Assurance Company Limited          | 5,464 | 6,840 | 7707  |
|      | PUBLIC SECTOR TOTAL                             | 21801 | 24338 | 31246 |
|      | STANDALONE HEALTH INSURERS                      |       |       |       |
| 1    | Apollo Munich health Insurance Company Limited  | 302   | 380   | 411   |
| 2    | Cigna TTK Health Insurance Company Limited      | NA    |       | 1     |
| 3    | Max Bupa health Insurance company Limited       | 70    | 134.6 | 170   |
| 4    | Religare Health Insurance Company Limited       | 8     | 76    | 99    |
| 5    | Star Health Insurance Company Limited           | 538   | 563   | 718   |
|      | STANDALONE HEALTH INSURERS TOTAL                | 918   | 1,154 | 1,398 |
|      | SPECIALISED INSURERS                            |       |       |       |
| 1    | Export Credit & Guarantee Corporation Limited   | 1,153 | 1,283 | 1493  |
| 2    | Agriculture Insurance Corporation of India      | 2,159 | 3,823 | 3610  |
|      | SPECIALISED INSURERS TOTAL                      | 3313  | 5106  | 5103  |
| 28   | Grand Total                                     | 38910 | 46442 | 57257 |

Source: Insurance Regulatory and Development Authority of India (IRDAI)