While taking a life insurance policy, there are most people who do not take information about the claim settlement ratio or CSR (Claim Settlement Ratio) of the life insurance company. However, it is very important for the policyholders to know this.
New Delhi. Before buying, renewing or porting an insurance policy, you need to take care of many things. In which one of the most important is how the insurer settles the claim. While taking a life insurance policy, there are most people who do not take information about the claim settlement ratio or CSR (Claim Settlement Ratio) of the life insurance company. However, it is very important for the policyholders to know this. This shows that to what percentage the insurance company has settled the claim.
In fact, the Claim Settlement Ratio or CSR (Claim Settlement Ratio) is known from the total claims settled or paid by a Life Insurer during a financial year. To calculate this, the total claims made is divided by the total claims settled.
The Insurance Regulatory and Development Authority of India (IRDAI) has released the details of claims payment of general and health insurance companies for the financial year 2021-22.
Navi General Insurance at the forefront of settlement
Navi General Insurance (formerly DHFL General Insurance) has topped the list with 99.99 per cent claims settlement among private general insurance companies. Navi General Insurance has secured the top spot in the list of claims settled in the first three months of inception. After this, Reliance General Insurance has succeeded in settling 98.65 percent and HDFC Ergo General Insurance 98.49 percent claims within the first three months period.
Public sector companies behind
The claim settlement ratio of public sector general insurance companies is relatively lower as compared to private insurance companies in the first three months period. United India Insurance has topped the chart with a claim settlement ratio of 97.25 percent. New India Assurance has a claim settlement ratio of 92.93 per cent for the first three months period followed by Oriental Insurance at 90.18 per cent.
Among stand-alone health insurance companies, Care Health Insurance settled 100 per cent claims within the first three months. Four stand-alone health insurers, including Aditya Birla Health Insurance, Manipal Cigna Health Insurance, Niva Bupa Health Insurance and Star Health Insurance, also reported a claim settlement of over 99 per cent in the first three months of FY 2021-22.
Choose a company with more than 97 percent CSR
Before getting the policy, choose an insurance company that has the best claim settlement ratio. Before choosing the right insurance company, check their CSR. The insurance regulator releases the claim settlement ratio data every year. Higher the claim settlement ratio, better is the claim record of the company. A figure of more than 97 percent claim settlement ratio is considered safe. Through the claim settlement ratio, you can check the credibility of your insurance company.
