As per IRDAI annual report, the latest claim settlement ratio of Canara HSBC OBC Life Insurance is 95.22% for the Financial Year 2017-18.
|Life Insurer||Claims pending at the start of the period||Claims Intimated
|Total Claims (Claims Pending+Claims Intimated)||Claims Paid
|Canara HSBC OBC Life||1||836||837||797||95.22%|
- The claim settlement ratio of 95.22% is the indicator of the number of death claims settled by Canara HSBC OBC Life Insurance against the total claims 837 reported for the FY 2017-18.
- Rs 49.13 crores has been paid as the claim amount against 797 claims reported in the FY 2017-18 by Canara HSBC OBC Life Company.
- 38 claims have been rejected, resulting in Claim Repudiation of 4.54% for the FY 2017-18.
Consistency to maintain a higher claim settlement ratio is considered to be good. Past claims settlement ratio trends will reveal the consistency and inclination of the Canara HSBC OBC Life Insurance Co. towards the settlement of death claims.
Let’s go through the past 5 years’ CSR trend of Canara HSBC OBC Life Insurance Company.
|Financial Year||Claim Settlement Ratio (%)|
It signifies the position where Aegon Life Insurance Co. lies, in respect to other life insurers in the industry from the financial year 2012-13 to 2016-17. This rank is based on the claim settlement percentage attained by Aegon Life Insurance Co. in the respective financial years.
The Claim Settlement Ratio is the number of claims settled divided by the total number of claims reported in a given financial year, including the claims outstanding at the beginning of the financial year. The claim settlement ratio is expressed in percentage which is helpful for comparing the claim settlement data by the customer across insurers. The claim settlement ratio is calculated for every financial year.
|Claim Settlement Ratio = Total claims settled / Total claims received
where, Total Claims received = (Claims reported in the financial year + claims pending at the start of the year)
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