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 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) |
|---|---|---|---|---|---|
| Canara HSBC OBC Life | 2.50% | 1320 | NA | 98.12% | 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.
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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 Year | Claim Settlement Ratio (%) |
|---|---|
| 2015-16 | 92.99% |
| 2016-17 | 94.95% |
| 2017-18 | 95.22% |
| 2018-19 | 94.04% |
| 2019-20 | 97.35% |
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.
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) |