Insurance Claim settlement ratio

Insurance Claim settlement ratio

1) An important yardstick for selecting an insurance policy is the insurance company’s claim settlement ratio.

2) It is calculated as the number of insurance claims settled by an insurance company as a percentage of the number of claims received over a period of time.

3) The higher the claim settlement ratio of a particular company, the greater are the chances of a claim being settled by it.

4) Choosing a policy with a lower claim settlement ratio, even if it has a low premium, may not be wise, as this defeats the purpose of having an insurance cover.

5) Insurers report data about the claims and settlement to Irdai, which publishes it on a regular basis, to be used by investors.

INDIVIDUAL DEATH CLAIMS 2016-17
Life Insurer Claims Paid
LIC 98.31%
Max Life 97.81%
HDFC Standard 97.62%
Aegon Religare 97.11%
SBI Life 96.69%
ICICI Prudential 96.68%
Exide Life 96.40%
Tata AIA 96.01%
Canara HSBC OBC 94.95%
Birla Sunlife 94.69%
Reliance Life 94.53%
Edelweiss Tokio 93.29%
Bharti Axa 92.37%
Bajaj Allianz 91.67%
Kotak Mahindra 91.24%
DHFL Pramerica 90.87%
Aviva 90.60%
IDBI Federal 90.33%
Sahara 90.21%
Future Generali 89.53%
PNB Met Life 87.14%
Star Union 84.05%
India First 82.65%
Shriram 63.53%

Source : IRDA ANNUAL REPORT 2016-17

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