Quote Form

Our representative will call you within few minutes
3562 views
Claim settlement ratio is a numerical representation of an insurance company’s strength. With this, the customer can know whether the insurer is reliable in claim settlement or not. The CSR is the percentage of the total number of paid claims out of the received number of claims in a financial year. So if the CSR of a company is high, it means the company is reliable and you can buy its insurance policy. Let’s check out the advantages of a high claim settlement ratio and the list of companies with their respective CSR.
Table of Contents
The following is the list of advantages that you will avail if the company CSR is high:
Check the impressive claim settlement ratio posted by life insurance companies.
Life Insurance Companies | Claim Settlement Ratio |
---|---|
Max Life Insurance | 99.35% |
TATA AIA Life Insurance | 98.02% |
ICICI Prudential Life Insurance | 97.90% |
Pramerica Life Insurance | 98.42% |
HDFC Life | 99.07% |
Canara HSBC OBC | 97.10% |
Bajaj Allianz Life Insurance | 98.02% |
Exide Life Insurance | 98.15% |
Reliance Nippon Life Insurance | 98.48% |
Aegon Life Insurance | 99.25% |
Like their life insurance counterparts, health insurers have also posted healthy claim settlement ratios. Check their numbers in the below table.
Health Insurance Companies | Claim Settlement Ratio |
---|---|
HDFC ERGO Health Insurance | 99.80% |
Niva Bupa Health Insurance | 96% |
Care Health Insurance | 95% |
Bajaj Allianz Health Insurance | 98% |
ICICI Lombard Health Insurance | 96.93% |
Tata AIG Health Insurance | 96% |
Bharti AXA Health Insurance | 92.17% |
Aditya Birla Health Insurance | 94% |
Future Generali Health Insurance | 92% |
SBI Health Insurance | 97.84% |
Star Health Insurance | 90% |
Royal Sundaram Health Insurance | 85% |
Reliance Health Insurance | 100% |
Universal Sompo Health Insurance | 93% |
Liberty Health Insurance | 88% |
Manipal Cigna Health Insurance | 91% |
Cholamandalam Health Insurance | 95% |
Oriental Health Insurance | 89% |
You must know that a CSR is derived by the following formula-
CSR = Total Number of Approved Claims/Total Number of Received Claims
Do check the CSR of insurance companies for the last 4-5 years. That will give you a fair idea of how insurance companies have gone about settling insurance claims. An insurance company may have a superlative claim settlement record in the last year, but the same may not be the case before. So, assessing insurance companies for a longer time horizon will help you choose the best in earnest.
The Insurance Regulatory and Development Authority of India (IRDA) publishes the insurance companies’ Claim Settlement Ratio in its annual report that you can access from its official website.
You may not rely only on CSR while choosing insurance because other than settlement, you need to see other benefits too like the sum assured, premiums payable, availability of riders at less premium, etc. And you shouldn’t compromise on benefits just because of the high CSR of the company. In case the coverage comes less, the high settlement ratio won’t come to your use!