Insurers Reject Record Rs 15,100 Crore in Claims in FY24: Irdai Report
According to the latest report from the Insurance Regulatory and Development Authority of India (Irdai), health insurers have rejected a staggering Rs 15,100 crore worth of claims in the financial year 2024. This development highlights the need for policyholders to carefully review their insurance policies and ensure they have adequate health insurance coverage. In terms of claims settlement, a significant 72 per cent were processed through third-party administrators, while the remaining 28 per cent were handled in-house. This trend underscores the importance of efficient claims processing mechanisms in the health insurance sector. With the rise of digital health insurance and increasing awareness about insurance claims, policyholders are advised to stay informed about their policy terms and conditions to avoid claim rejections. As the health insurance industry continues to grow, insurers must focus on improving their claims settlement ratios and providing better services to their customers, thereby boosting health insurance literacy and promoting a healthier community through accessible and affordable healthcare options, including private health insurance and government-backed health schemes.
