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Aviva Life Insurance Claim Settlement Ratio

Aviva-Life-Insurance-CSR

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 InsurerClaims Rejection
(FY 2019-20)
Claims Intimated
(FY 2018-19)
Total Claims (Claims Pending + Claims Intimated)CSR%
(FY 2018-19)
CSR%
(FY 2019-20)
Aviva Life1.36%810NA96.06%97.53%

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 YearClaim Settlement Ratio (%)
2015-1681.97%
2016-1790.6%
2017-1894.45%
2018-1996.06%
2019-2097.53%

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.

Aviva Life Insurance Claim Settlement Ratio Ranking 2019-20

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)