Comprehensive Analysis of Life Insurance Claim Settlement Performance in India: Top Performers and Areas of Concern for 2022-23

• Number of Claims Settled: 9,22,207

•Amount of Claims Settled: ₹19,327.63 crore

•Claim Settlement Ratio: 98.52%

•Repudiation Ratio: 0.87%

•Pending Claims Ratio: 0.08%

•Analysis: LIC continues to dominate the life insurance market with the highest number of claims settled and a substantial amount of payouts. Its high claim settlement ratio, coupled with a low repudiation rate, reinforces LIC’s position as the most trusted insurer in the country.