Canara HSBC OBC Life Insurance Claim Settlement Ratio

As per IRDAI annual report, the latest claim settlement ratio of Canara HSBC OBC Life Insurance is 97.35% for the Financial Year 2019-20.

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)
Canara HSBC OBC Life2.50%1320NA98.12%97.35%
  • The claim settlement ratio of 97.35% is the indicator of the number of death claims settled by Canara HSBC OBC Life Insurance against the total claims 1320 reported for the FY 2019-20.
  • Rs 74 crores has been paid as the claim amount against 946 claims reported in the FY 2018-19 by Canara HSBC OBC Life Company.
  • The claims have been rejected, resulting in Claim Repudiation of 2.50% for the FY 2019-20.

Past 5 years CSR Trends for Canara HSBC OBC 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 Canara HSBC OBC Life Insurance Co. towards the settlement of death claims.

Let’s go through the past 5 years’ CSR trend of Canara HSBC OBC Life Insurance Company.

Financial YearClaim Settlement Ratio (%)
2015-1692.99%
2016-1794.95%
2017-1895.22%
2018-1994.04%
2019-2097.35%

Canara HSBC OBC Life Rank in Claim Settlement among other Life Insurers

It signifies the position where Canara HSBC OBC Life Insurance Co. lies, in respect to other life insurers in the industry from the financial year 2015-16 to 2019-20. This rank is based on the claim settlement percentage attained by Canara HSBC OBC Life Insurance Co. in the respective financial years.

Canara-HSBC-Life-Insurance-Claim-Settlement-Ratio-Ranking-2019-20
Canara HSBC Life Insurance Claim Settlement Ratio Ranking 2019-20

How Claim Settlement Ratio (CSR) is measured?

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.

5 thoughts on “Canara HSBC OBC Life Insurance Claim Settlement Ratio

  • November 19, 2019 at 1:11 PM
    Permalink

    why claim is rejected in term plan by canara hsbc obc term plan insurance company, pls. sugest the reason,

    Reply
    • July 24, 2020 at 7:42 PM
      Permalink

      Why claim is rejected please let us know the reason

      Reply
    • July 27, 2020 at 9:33 AM
      Permalink

      Why claims are rejected please mention the reasons

      Reply
  • February 27, 2020 at 2:27 PM
    Permalink

    Is it secured to take policy from Canara Hsbc Obc? any issue with Claim settlement? As claim settlement rank graph is declined to 21 from 2014-15 to 2018-19.

    Reply
  • June 25, 2020 at 12:52 PM
    Permalink

    Please explain why claim is rejected in Term Plan by CANARA HSBC. Why company Rank 21 Current so High?

    Reply

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