As per IRDAI annual report, the latest claim settlement ratio of Pramerica Life Insurance Limited is 96.80% 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
Past 5 years CSR Trends for Pramerica Life Insurance Ltd.
The consistency of the CSR year on year is an ideal way to give preference to the insurance company. 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 Pramerica Life Insurance Ltd. towards the settlement of death claims.
Let’s go through the past 5 years’ CSR trend of Pramerica Life Insurance Limited.
|Financial Year||Claim Settlement Ratio (%)|
Rank in Claim Settlement among other Life Insurers
It signifies the position where Pramerica 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 Pramerica Life Insurance Co. 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)