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| For private insurers, the settlement ratio had gone down to 88.65 percent in 2012-13, as compared to 89.34 percent during the previous year, Irda said. It further revealed that private sector insurance firms have been rejecting about 8 per cent of the claims as against1.12 percent by the LIC. According to Irda, there were 3.47 percent claims sought from private insurance companies were pending at the end ofthe year. The similar figure for LIC was 1.04 percent. There are about two dozen private life insurance firms in India and the larger ones include ICICI Prudential Life, HDFC Standard Life and Reliance Life. The life insurance industry recorded a premium income of over Rs 2.87 lakh crore during 2012-13, up 0.05 percent overthe previous fiscal. While private sector insurers posted 6.87 percent decline in premium income, LIC recorded 2.92 per cent growthin 2012-13 compared to the previous fiscal. |
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