NEW DELHI: Nearly a third of all insurance claims registered and outstanding in FY2024 remain unpaid, data of Insurance Regulatory and Development Authority of India (IRDAI) reveals. A related survey also shows that despite the regulator’s changes to improve service standards, policy owners still face myriad problems.The insurance regulator’s report reveals that insurers registered over 3 crore claims during the year for Rs 1.1 lakh crore, in addition to the 17.9 lakh claims for Rs 6,290 crore outstanding from earlier years. Of these claims, insurers paid nearly 2.7 crore claims, amounting to Rs 83,493 crore. This represents 82% of the reported claims by volume and 71.3% by value. Of the claims that were not paid, Rs 15,100 crore worth were “disallowed according to terms and conditions of the policy contract”.
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