The chart given above compares the ICR of PSGICs vs. private insurers over a horizon of three years (2011-14) and (2021-24). By taking the average for three years, any aberrations due to a change in accounting system are nullified. The chart reflects that the difference in total ICR has increased from 4.32% to 23.28% over […]
According to the IRDAI Annual Report 2023-24, a staggering 36.40 lakh health claims were repudiated by non-life insurance companies in FY 2023-24. This marks a sharp 68% increase compared to 21.65 lakh claims rejected in FY 2022-23. Since Group and Government Health schemes are fully loaded covers, most of these repudiated claims likely pertain to […]
The TPA concept was introduced in India in the year 2002, helping Industry cross premium of Rs.1000 Cr.ores. In FY 2002-03 Health premium in India increased to Rs. 1096 Crores registering a growth rate of 50.10% . The share of health insurance in 2002-03 was 7.67 of Industry premium of Rs.14272 Crores. The Health Premium […]
Back in June 2012, a landmark initiative was introduced to monitor cashless approvals—the first such step by any PSGIC, since TPAs were primarily handling claims processing at that time. The announcement created quite a buzz among brokers, corporates, and TPAs, especially around managing approvals beyond office hours, weekends, and holidays. As Head of Claims Monitoring […]
