As per IRDAI annual report, the latest claim settlement ratio of PNB MetLife Insurance is 97.18% for the Financial Year 2019-20. Every year IRDAI launch their report about the Claim Settlement Report of Insurance companies. CSR shows the image and performance of every insurance companies and give you a transparent way to make your decision wisely and choose best company for insuring yourself.
|Life Insurer||Claims Rejection
|Total Claims (Claims Pending+ Claims Intimated)||CSR%
- The claim settlement ratio of 97.18% is the indicator of the number of death claims settled by PNB MetLife Insurance against the total claims intimated 4346 reported for the FY 2019-20.
- Rs 269.56 crores has been paid as the claim amount against 4346 claims reported in the FY 2019-20 by PNB MetLife India Insurance Company.
- 126 claims have been rejected, resulting in Claim Repudiation of 2.82% for the FY 2019-20.
Past 5 years CSR Trends for PNB Met 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 PNB MetLife Insurance Co. towards the settlement of death claims.
Let’s go through the past 5 years’ CSR trend of PNB MetLife India Insurance Company.
|Financial Year||Claim Settlement Ratio (%)|
PNB Met Life Rank in Claim Settlement among other Life Insurers
CSR rank signifies the position where PNB MetLife Insurance Company lies, with respect to other life insurers in the industry from the financial year 2015-16 to 2019-20. The claim settlement percentage attained by PNB MetLife Insurance Co. is the basis of the rank identified in the respective financial years. Well, PNB Met Life this FY not climb up in term of position but still PNB not even loose their position, but fortunately the percentage rate of CSR or serving people of PNB Met Life has increasing than last year.
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)