3308
2 min read
Updated on Jan 30, 2023
Religare Health Insurance Company is a standalone health insurance provider offering specialised health and overseas travel insurance plans. The company offers both indemnity health insurance plans as well as fixed benefit plans. The company is promoted by Religare Enterprises Limited which is a financial services group of India. Other joint owners of the company are two leading banks of India, Union Bank of India and Corporation Bank. Thus, the company is backed by strong founders and offers unique health insurance solutions.
Claim settlement ratios of health insurance companies is a measure of the company’s claim payment history. The ratio is measured and expressed as a percentage. The following formula is used to calculate the claim settlement ratio –
Claim settlement ratio = (number of claims paid during a financial year / total number of claims made on the company in the financial year) * 100
If the claim settlement ratio is in the 90% range, it is said to be a positive indicator. It states that the company paid 90% of the claims which were made during the year. Higher claim settlement ratios are better for the insurance companies and Religare Health Insurance also has high claim settlement ratios. Moreover, the company’s Incurred Claims Ratio is also good. Incurred Claims Ratio is an important measure for general insurance companies and the ratio is different from claim settlement ratio. Incurred claims ratio is calculated using the following formula.
Incurred Claims Ratio = (total amount of claims paid in a financial year / total amount of premiums collected in the financial year)* 100
The ratio thus helps to determine whether the company paid more in claims than it earned in premiums. In such cases, the ratio is more than 100% and the company suffers a loss. Continued losses are bad for the insurance company as they affect the company’s financial stability and solvency margins.
Also Read: Best Health Insurance Companies in Claim Settlement 2021
For Religare Health Insurance Company, the incurred claims ratio for the year 2016-17 was 50.52% and for the year 2015-16 was 57.25% (Source: https://www.relakhs.com/latest-health-insurance-incurred-claims-ratio-2016-17/ ). Thus, both the ratios were below 100% signifying good profitability of the company and the ability to pay the claims easily.
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
The threat of yet another virus hits India. This time it is H3N2 Influenza Virus, which is a sub-type of influenza A virus that is.
There has been a huge price rise or inflation seen across sectors, especially the healthcare sector in India in recent times. Let us take a.
Ayushman Bharat Yojana is a health insurance policy offered by the government of India with the aim to present free access to health insurance for.
‘Health is wealth’ is not just a saying, it’s a fact, which people realize when they fall sick. Yes, good health is the most important.
LASIK eye surgery is a surgical process that rectifies any issues related to vision. The cost of the surgery varies depending on the city, the.
Some situations in our life are beyond our control, and one of them is falling sick. No matter how hard we try, we may end.
We all know the importance of health insurance for taking care of hospital bills and medical needs. Let us take a look at some of.
The key function performed by the kidney is to filter blood which flows through each of our body organs. Hence the safety of the body.
Some major changes were announced recently in the Mahatma Jyotirao Phule Jan Arogya Yojana, the Maharashtra health scheme launched in 2012. Let’s take a look.
The World Health Organization (WHO) started the World Tuberculosis Day on March24 to educate people about Tuberculosis (TB), which is a transmittable disease which has.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.