Aviva Life Insurance Claim Settlement Ratio
As per IRDAI annual report, the latest claim settlement ratio of Aviva Life Insurance is 97.53% for the Financial Year 2019-20. CSR report make certain things clear, whenever you want to buy something you want buy best and this is how CSR report did for common people. IRDA’s released CSR report gives us a broader view to make perfect decision in term of insurance.
| 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) |
|---|---|---|---|---|---|
| Aviva Life | 1.36% | 810 | NA | 96.06% | 97.53% |
- The claim settlement ratio of 97.53% is the indicator of the number of death claims settled by Aviva Life Insurance against the total claims 810 reported for the FY 2019-20.
- Rs 89 crores has been paid as the claim amount against 901 claims reported in the FY 2018-19 by Aviva Life Insurance Company.
- The claims have been rejected, resulting in Claim Repudiation of 1.36% for the FY 2019-20.
Table Content
Past 5 years CSR Trends for Aviva 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 Aviva Life Insurance Co. towards the settlement of death claims.
Sometimes you just need a perfect plan of insurance policy and Aviva Life Insurance Co. have some best of the policy plan. Consistency is a key of success and Aviva Life Insurance Co. trying to achieve best place. Aviva Life Insurance Co still trying to find ways but last two year report says a lot about this company.
Let’s go through the past 5 years’ CSR trend of Aviva Life Insurance Company.
| Financial Year | Claim Settlement Ratio (%) |
|---|---|
| 2015-16 | 81.97% |
| 2016-17 | 90.6% |
| 2017-18 | 94.45% |
| 2018-19 | 96.06% |
| 2019-20 | 97.53% |
Aviva Life Rank in Claim Settlement among other Life Insurers
CSR rank signifies the position where Aviva Life Insurance Company lies, with respect to other life insurers in the industry from the financial year 2015-16 to 2018-19. The claim settlement percentage attained by Aviva 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) |
CAN YOU TELL ME WHY CLAIMS ARE REJECTED RESULTING IN LOWER CLAIM SETTLEMENT RATION COMPARED TO OTHER INSURERS? WHY AVIVA’S RATION IS SO LOW COMPARED TO HDFCLIFE AND OTHER 14 INSURERS? WE HAVE ABOUT 10 POLICIES OF AVIVA LIFE INSURANCE ISSUED IN 2012-13. I AM PAYING HUGE PREMIUM EVERY YEAR. SO JUST CURIOUS TO KNOW.