As per IRDAI annual report, the latest claim settlement ratio of Kotak Life Insurance is 97.40% for the Financial Year 2018-19.
|Life Insurer||Claims pending at the start of the period||Claims Intimated
|Total Claims (Claims Pending+Claims Intimated)||Claims Paid
- The claim settlement ratio of 97.40% is the indicator of the number of death claims settled by Kotak Life against the total claims 3038 reported for the FY 2018-19.
- Rs 137 crores has been paid as the claim amount against 2959 claims reported in the FY 2018-19 by Kotak Life Insurance Company.
- 67 claims have been rejected, resulting in Claim Repudiation of 2.21% for the FY 2018-19.
Past 5 Years CSR Trend for Kotak Life Insurance
Consistency of the CSR year on year basis is the right way to judge a life insurance company for a smooth & quick settlement of death claims. For an insurance company, maintaining a consistent higher claim settlement ratio is considered to be good.
Let’s go through the past 5 years’ CSR trend of Kotak Life Insurance Company.
|Financial Year||Claim Settlement Ratio (%)|
Kotak Life Rank in Claim Settlement among other Life Insurers
CSR rank signifies the position where Kotak Life Insurance Company lies, with respect to other life insurers in the industry from the financial year 2014-15 to 2018-19. This rank is based on the claim settlement percentage attained by Kotak Life Insurance Co. in the respective financial years.
How Claim Settlement Ratio (CSR) is calculated?
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)