As per IRDAI annual report, the latest claim settlement ratio of Aegon Life Insurance Company is 98.01% for the Financial Year 2018-19 and FY 2019-20 too. Every year IRDA launched a CSR report of Insurance companies of India, this report helped a lot of people for making the best decision for their life.
CSR report is a way that you choose the best option for yourself, there are 24 different insurance companies are available in India and every insurance company wants to be the best. But CSR report gives us a proper way to verify the best option looking the best option.
| Life Insurer | Claims Rejection (FY 2019-20) | Claims Intimated (FY 2018-19) | Total Claims (Claims Pending + Claims Intimated) | CSR% (FY 2018-19) | CSR% (FY 2019-20) |
|---|---|---|---|---|---|
| Aegon Life | 1.99% | 351 | NA | 98.01% | 98.01% |
- The claim settlement ratio of 98.01% is the indicator of the number of death claims settled by Aegon Life Insurance against the total claims of 351 reported for FY 2019-20.
- Rs 76 crores has been paid as the claim amount against 489 claims reported in FY 2018-19 by Aegon Life Insurance Company.
- The claims have been rejected, resulting in a Claim Repudiation of 1.99% for the FY 2019-20.
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Past 5 years CSR Trends for Aegon Life Insurance Co.
Consistency to maintain a higher claim settlement ratio over the years is considered to be good. Past claims settlement ratio trends will reveal the consistency and inclination of the Aegon Life Insurance Co. towards the settlement of death claims. Well, it’s a coincidence or anything but the CSR report of Aegon Life is the same as last FY 2018-19 and if we talk about consistency then Aegon Life is consistent.
Let’s go through the past 5 years’ CSR trend of Aegon Life Insurance Company.
| Financial Year | Claim Settlement Ratio (%) |
|---|---|
| 2015-16 | 95.31% |
| 2016-17 | 97.11% |
| 2017-18 | 95.67% |
| 2018-19 | 98.01% |
| 2019-20 | 98.01% |
Aegon Life Rank in Claim Settlement among other Life Insurers
The Claim Settlement Ratio (CSR) rank signifies the position, Where Aegon Life 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 Aegon 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. 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) |