GA Life and AAR top settlement of insurance claims

GA Life Assurance
GA Life Assurance topped in long-term insurance business by settling 772 claims out of 773. FILE PHOTO | NMG 

GA Life Assurance, AAR Insurance and Madison Insurance were the top underwriters in settlement of claims in their respective categories during the second quarter of 2018, data from the industry regulator shows.

Statistics from the Insurance Regulatory Authority (IRA) shows that GA Life Assurance topped in long-term insurance business by settling 772 claims out of 773, a 99.9 per cent settlement rate.

There were no claims rejected by the insurer, with only one case yet to be settled by June 30.

AAR Insurance topped the non-liability claims category under general insurance business for the quarter ended June 30.

The firm settled 133,313 claims out of 155,441 payable during the quarter. Only 512 claims were rejected, representing an 85.8 per cent settlement rate.

Madison Insurance was the best in settling liability claims under the general insurance business for the period, with the insurer settling 432 out of 771 claims during the quarter.

Only two claims were rejected, representing a 56 per cent settlement ratio. IRA on Tuesday said both long term (life business) and general business underwriters are required to submit monthly claims returns to the regulator through the Electronic Regulatory System (ERS).

“These returns are submitted within 15 days from the end of the month to which they relate,” said the regulator.

IRA said Xplico Insurance, which insures public service vehicles, did not submit returns for May and June while Geminia Insurance did not submit long term insurance claims returns for the month of June, thus excluding their data from the report.