INCURRED CLAIMS RATIO lower for Big companies as per IRDAI
Hello Beshak team,
I had checked the Claims ratio as per yearly IRDAI report 20-2021. According to this report,the claims ratio of Big Health Insurance companies is very low:
Aditya Birla -50%
Care - 55%
Max Bupa -56%
ICICI lombard -78%
HDFC ergo -73%
While those of Public sector insurance companies is very good.
National Insurance -103%
New India -100%
United India - 104%
My question is
1) Is this data and understanding accurate? and how much should we base our decision of buying on this reports?
2) Is it wise to chose Public sector companies over private players as Claim Settlement is THE MOST IMPORTANT Factor while taking insurance?