Every year IRDAI release their annual CSR report of Insurance companies which make sure the performance of insurance service. And as per IRDAI annual report, the latest claim settlement ratio of Pramerica Life Insurance Limited is 98.42% for the Financial Year 2019-20. Pramerica Life comes a long way in CSR report because in FY 2019-20 Pramerica Life has 98.42% CSR in FY 2019-20, it’s best CSR percentage of Pramerica Life Insurance Limited.
| 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) |
|---|---|---|---|---|---|
| Pramerica Life | 1.23% | 569 | NA | 96.80% | 98.42% |
Table Content
Past 5 years CSR Trends for Pramerica Life Insurance Ltd.
The consistency of the CSR year on year is an ideal way to give preference to the insurance company. 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 Pramerica Life Insurance Ltd. towards the settlement of death claims.
It’s kind of consistence where you show your caliber and put your strategy to make things bigger and better. It’s kind of consistency where you show the the increasing CSR percent every financial year. This is kind of consistency where you keep trying to be best and you try with your all.
Let’s go through the past 5 years’ CSR trend of Pramerica Life Insurance Limited.
| Financial Year | Claim Settlement Ratio (%) |
|---|---|
| 2015-16 | 83.64% |
| 2016-17 | 90.87% |
| 2017-18 | 96.62% |
| 2018-19 | 96.80% |
| 2019-20 | 98.42% |
Rank in Claim Settlement among other Life Insurers
It signifies the position where Pramerica 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 Pramerica Life Insurance Co. in the respective financial years.
In FY 2014-15 Pramerica Life Insurance Limited company was on 23rd position in term of CSR and in FY 2019-20 Pramerica Life Insurance Limited is on 4th position in term of CSR. May be that’s why we all saying that Pramerica Life Insurance Limited comes a long way.
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) |