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Claim settlement Ratio 2014 – Review on IRDA report on claim settlement ratio 2013-14

Claim settlement Ratio 2014

Claim settlement Ratio means the ratio of number of claim settled against the .number of claim rejected. IRDA has published its annual report for 2013-14 on January 2015. You can have a look on to it in IRDA Annual report 2013-14. We had given a general review on the Claim settlement Ratio 2014 (2013-14 financial year) of life insurance companies in India. This review helps you to understand which company has bettered in the claim settlement ratio 2014.

claim settlement ratio 2014

Source: IRDA Annual Report 2013-14 page number 132 & 134.

In the above table we had colored the claim settlement percentage in Green, Yellow Orange and Green. You have to read as below.

Green : Above 90% claim settlement Ratio 2014 = Very Strong claim settlement Ratio 2013-14 financial year

Yellow : 80% to 90% claim settlement Ratio 2014= Average Claim settlement Ratio 2013-14 financial year

Orange : 70% to 80% claim settlement Ratio 2014= Below Average Claim settlement Ratio 2013-14 financial year

Red : Below 70% claim settlement Ratio 2014= Very poor Claim settlement Ratio 2013-14 financial year

claim settlement Ratio 2013-14 Review

From the above table we can understand that all the new companies are having a very poor claim settlement ratio 2013-14. The following points can be understood by the review of this report.

  • LIC tops the list in the claims settled % in the current year with 98.14% claims settled.
  • In private sector ICICI prudential Tops the list with 94.10% claims settled.
  • 11 companies are having a good claim settlement ratio of more than 90%.
  • 3 companies are having a very bad claim settlement ratio below 70%.
  • India First Insurance and DHFL pramerica has rejected more than 20% claims in the year 2013-14.
  • Bajaj Allianz and reliance life has settled more than 20000 claims in the year 2013-14.
  • Total of 3052 crores settled by private insurers and LIC has settled 8905 crores..

Points to Be noted while reading this report

  • This report is a extract from the IRDA Annual Report 2013-14  and has no relation to the future performance of the company
  • A company with good claim settlement ratio doesn’t guarantee that all your claim will be settled. Unless the company receives all the required document on claim, a company can still reject or put your claim under pending.
  • This is a review of the claims received and settled in the financial year 2013-14. The past years claim settlement Ratio may differ.
  • Claims settlement may differ individual to individual.
  • You have to look onto claim rejected ratio also while seeing the claim settled ratio.
  • This Report is prepared just for the education purpose and has no favor towards any company.

 

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