With about 25 insurance companies offering varied health insurance products in the market, which is the best company in the Health Insurance sector?
My brother swears by the Apple iPhone 6s he uses touting it as the best brand of smartphones across so many available in the market. I personally endorse Apple iPad which I use due to its outstanding performance. But what are the parameters when it comes to grading a brand as the best brand in its sector? Why do people get awestruck by Armani apparel or shoes by Jimmy Choo? What makes these brands so special? How are they judged? Are the designs offered by these brands unique or is the durability and performance? How about health insurance companies?
The Insurance Regulatory and Development Authority of India (IRDAI) is the regulating body over both life and non-life insurance companies. Every year, the IRDA issues an Annual Report which includes all the details of the business carried out by Indian insurers and also their performance over the year. The Annual Report issued by the IRDA is a ready reckoner for certain parameters which can reasonably determine the best health insurance company
The above report is extracted and looking at the report you can easily get an idea of which insurer is ruling the roost.
Based on the Incurred Claims Ratio - the public sector insurers like United India, National Assurance and Oriental Insurance have high ratios which are good for you but bad for the company as it is incurring losses. Among those companies earning profits, New India, Reliance, Raheja QBE and HDFC Ergo boast of a good ratio.
Based on the Solvency Ratio - Liberty General and Raheja QBE have the highest Solvency Ratio in the group depicting the value of their assets above 4 times their liabilities.
Looking at the volume of business - all four of the public insurers namely New India, National Assurance, United India and Oriental Insurance have written above 10 lakh policies with a substantial amount of premium. Their numbers is matched by Star Health Insurance, a standalone health insurance provider with 13 lakhs and above medical insurance policies albeit with a lower earned premium.
So, go ahead, make your choice and invest with the best health insurer in the market. For more information on the best health insurance companies you can speak to our team of experts at 1800 209 9920 or write to us at info@coverfox.com.
