PNB MetLife Insurance Claim Settlement Ratio

July 21, 2021
11
Views
PNB MetLife Insurance Claim Settlement Ratio – ComparePolicy.com

As per IRDAI annual report, the latest claim settlement ratio of PNB MetLife Insurance is 96.21% for the Financial Year 2018-19.

Life Insurer Claims pending at the start of the period Claims Intimated
(FY 2018-19)
Total Claims (Claims Pending+Claims Intimated) Claims Paid
(FY 2018-19)
CSR%
(FY 2018-19)
PNB MetLife 8 4162 4170 4012 96.21%
  • The claim settlement ratio of 96.21% is the indicator of the number of death claims settled by PNB MetLife Insurance against the total claims 4170 reported for the FY 2018-19.
  • Rs 204 crores has been paid as the claim amount against 4012 claims reported in the FY 2018-19 by PNB MetLife India Insurance Company.
  • 157 claims have been rejected, resulting in Claim Repudiation of 3.76% for the FY 2018-19.

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 (%)
2014-15 92.86%
2015-16 85.36%
2016-17 87.14%
2017-18 91.12%
2018-19 96.21%

PNB MetLife 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 2014-15 to 2018-19. The claim settlement percentage attained by PNB MetLife Insurance Co. is the basis of the rank identified in the respective financial years.

PNB Metlife Claim Settlement Ratio Ranking 2018-19

 

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)

Sonia Nagpal

Sonia Nagpal is an Insurance Specialist. She has more than 25 Yrs of experience in sales, Marketing and Corporate Alliances.

error: Content is protected !!

Article Categories:
Insurance

Comments are closed.