As per IRDAI annual report, the latest claim settlement ratio of Max Life Insurance Company is 99.22% 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 98.74% is the indicator of the number of death claims settled by Max Life Insurance against the total claims 15087 reported for the FY 2018-19.
- Rs 452 crores has been paid as the claim amount against 14897 claims reported in the FY 2018-19 by Max Life Insurance Company.
- 187 claims have been rejected, resulting in Claim Repudiation of 1.24% for the FY 2018-19.
Past 5 years CSR Trends for Max Life Insurance Co.
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 Max Life Insurance Co. towards the settlement of death claims.
Let’s go through the past 5 years’ CSR trend of Max Life Insurance Company.
|Financial Year||Claim Settlement Ratio (%)|
Max Life Rank in Claim Settlement among other Life Insurers
The Claim Settlement Ratio (CSR) rank signifies the position where Max Life Insurance Company lies, with respect to other life insurers in the industry from the financial year 2014-15 to 2018-19. The claim settlement percentage attained by Max Life Insurance Co. is the basis of the rank identified in the respective financial years.
How Claim Settlement Ratio (CSR) is measured?
The Claim Settlement Ratio is expressed as 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)