What India’s claims settlement ratio doesn’t tell brokers

The regulator’s own signal

The count-vs-value gap has not gone unnoticed at IRDAI. In November 2025, IRDAI chairman Ajay Seth addressed the pattern publicly – in the context of health insurance – at BimaLokpal Day. “In health insurance, we continue to see gaps – while the number of claims settled is high, the amount settled, especially in full, is sometimes lower than expected. This is an area we are monitoring closely,” Seth said, according to Business Standard. Seth added that the regulator expects insurers to be prompt, fair, and transparent in claims settlement, noting that anything less would weaken trust in the sector. The India Money Report applies the same analytical framework to life insurance, where the Handbook data shows an equivalent structural pattern.