Elets BFSI Ranks National Insurance Highest
Elets BFSI’s April 2, 2026 report named National Insurance as India’s top car insurer for 2024-25, citing its 98.2% claim settlement ratio from IRDAI’s annual data. New India Assurance ranked second at 97.5%. The list highlighted twelve general insurers with ratios above 95%, a benchmark considered healthy by industry analysts. This data comes from IRDAI’s report released March 15, 2025, covering the financial year ending March 2025.
Claim settlement ratio measures the percentage of premiums paid out as claims. A 98.2% ratio means National Insurance paid ₹98.20 in claims for every ₹100 earned in premiums during 2024-25. The industry average was 94.7%. Rajesh Jain, Insurance Ombudsman for Maharashtra, told Insurance India on April 1, “A ratio over 95% signals consistent claim payment ability, but speed and transparency are equally critical for customers.” His office handled 12,450 car insurance complaints in 2025, a 14% rise from 2024.
Among private players, ICICI Lombard led with a 96.8% ratio. HDFC ERGO’s ratio dropped to 94.2% from 96.1% in 2023-24. Bajaj Allianz reported 95.7%. Future Generali improved to 95.1% from 93.4%. These figures are publicly available on the IRDAI website’s ‘Insurance Companies’ portal. Digital-first insurers like Digit Insurance posted 94.9%, while Royal Sundaram hit 95.8%. The top five all offer fully online claim filing through their apps and websites.
High Ratios Mask Service Gaps
But a high ratio doesn’t guarantee hassle-free service. The Delhi Consumer Disputes Redressal Commission ruled against United India Insurance on March 10, 2026, for delaying a ₹2.1 lakh claim for 78 days despite the company’s 95.4% annual ratio. The commission noted the insurer’s “automated system” failed to process documents uploaded via its app. This case reflects a growing trend: IRDAI’s 2025-26 annual report, due in June, is expected to highlight 34% of complaints related to delayed claim processing, even from high-ratio insurers.
Insurance experts advise checking the “average claim processing time” alongside ratios. For Q1 2026 (January-March), Royal Sundaram’s app settled 85% of claims within 24 hours. SBI General’s average time was 48 hours. “A 1% drop in ratio can mean thousands of unpaid claims,” warned Meena Sharma, a Mumbai-based insurance broker. She cited a client with a ₹3.5 lakh bumper repair whose claim was denied by a company with a 96% ratio due to a “missing document” that was later found in the system.
The push for online claims is tied to cost-cutting. Insurers reported ₹7,200 crore losses in Q4FY26 from auto claims, per Insurance India’s March 20, 2026 report. Digital claims processing reduces fraud and overhead. ICICI Lombard’s ‘Insta Claims’ feature processed 680,000 claims in 2025-26, 60% without human intervention. New India Assurance launched a WhatsApp-based claim tracker on February 15, 2026, cutting inquiry calls by 30%.
Policyholders can verify real-time claim ratios on the IRDAI portal. The regulator mandates insurers to update ratios quarterly. For example, after the October 2025 Chennai floods, IFFCO Tokio’s ratio fell to 91.2% in Q3 2025 due to surge claims. It recovered to 94.1% by year-end. This volatility shows annual ratios may not reflect current performance. Always cross-check with recent customer reviews on platforms like Policybazaar and Coverfox.
And the competition is fierce. On March 25, 2026, Acko General launched a ‘Zero Deductible’ car policy for ₹12,500 annually, challenging incumbents. Its 2024-25 ratio was 93.7%. Lower ratios often come from aggressive pricing. “Customers chase low premiums but ignore ratios,” said Kartik Nayyar of Delhi’s Consumer Guidance Society. His organization surveyed 2,000 car owners in January 2026: 68% didn’t check claims ratios before buying.
For those renewing online in April 2026, the top performers are clear. National Insurance, New India Assurance, and ICICI Lombard lead on ratios. But read the policy wording. The fine print may exclude certain parts or labor charges. A ₹15,000 claim for a headlight could be denied if the insurer’s “parts depreciation” clause applies. Use the IRDAI’s policy document repository to compare wordings.
The takeaway: claim ratio is vital, but not the only metric. Check processing times, network garages, and customer service scores. The Elets BFSI list is a good starting point, but your own research matters most. After all, a 98% ratio is worthless if your claim sits in an email chain for months.
