annual report 2008-09 - IRDA
annual report 2008-09 - IRDA
annual report 2008-09 - IRDA
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ANNUAL REPORT <strong>2008</strong>-<strong>09</strong><br />
TABLE 45<br />
DURATION-WISE SETTLEMENT OF DEATH CLAIMS IN<br />
INDIVIDUAL CATEGORY — <strong>2008</strong>-<strong>09</strong><br />
(No. of Policies)<br />
Life Insurer<br />
Duration<br />
Within 30 Days 31 to 90 91 to 180 181 Days More than Total Claims<br />
of Intimation Days Days to 1 Year 1 Year Settled<br />
Private Total 23308 11679 4107 1290 355 40739<br />
(57.21) (28.67) (10.08) (3.17) (0.87)<br />
LIC 338629 111874 69544 39502 4840 564389<br />
(60.00) (19.82) (12.32) (7.00) (0.86)<br />
Total 361937 123553 73651 40792 5195 605128<br />
(59.81) (20.42) (12.17) (6.74) (0.86)<br />
Note: Figure in brackets indicates percentage of total claims settled.<br />
Of the total individual death claims settled in microinsurance<br />
individual category, LIC has settled 60 per<br />
cent of total claims within thirty days whereas private<br />
insurers have settled 57.21 per cent of the total claims<br />
in the same period. In the case of group category,<br />
while LIC has settled 98.84 claims within thirty days,<br />
private insurers have settled 84.06 per cent in the<br />
same period.<br />
TABLE 46<br />
DURATION-WISE SETTLEMENT OF DEATH CLAIMS IN<br />
GROUP CATEGORY — <strong>2008</strong>-<strong>09</strong><br />
(No. of Lives)<br />
Life Insurer<br />
Duration<br />
Within 30 Days 31 to 90 91 to 180 181 Days More than Total Claims<br />
of Intimation Days Days to 1 Year 1 Year Settled<br />
Private Total 32111 3892 1170 525 502 38200<br />
(84.06) (10.19) (3.06) (1.37) (1.31)<br />
LIC 219726 1769 801 5 6 222307<br />
(98.84) (0.80) (0.36) (0.002) (0.003)<br />
Industry Total 251837 5661 1971 530 508 260507<br />
(96.67) (2.17) (0.76) (0.20) (0.20)<br />
Note: Figure in brackets indicates percentage of total claims settled.<br />
x. Direction, Orders and regulations issued by the<br />
Authority<br />
Removal of controls on pricing of risks in general<br />
insurance business and relaxation price controls<br />
under File & Use Guidelines for general insurance<br />
products<br />
It may be recalled that the Authority decided on<br />
removal of controls on pricing in general insurance<br />
business w.e.f. 1 st January, <strong>2008</strong>. The Authority<br />
reiterated the decision that insurers shall not vary the<br />
coverage, terms and conditions, wordings, warranties,<br />
clauses and endorsements in respect of covers that<br />
are currently under tariff. Insurers may file their<br />
proposals for changes in cover, terms, wordings, etc<br />
40
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