The Claim Settlement Ratio (CSR) of an insurance company is one of the top concerns when choosing an insurer for you and your family’s financial security.
An insurance company receives a specific number of claims from policyholders in an entire financial year. The CSR helps determine the total number of those claims actually settled or resolved by the insurer during that particular period.
Note that the remaining claims which are unsettled by the company fall under rejected claims. The rest are all approved by the insurer upon careful inspection and verification of the claims filed by the insured.
Now, the CSR of an insurance company is what helps a prospect policyholder determine whether or not the insurer has a good reputation/ credibility in the market with regard to claim settlement. This simply means that the company has successfully and promptly settled the claims received from the insured.
Top General Insurance Companies
CSR
Bajaj Allianz General Insurance
98%
Aditya Birla Insurance Brokers
94%
Care Health Insurance
95%
Bharti AXA General Insurance
92.37%
Cholamandalam MS General Insurance
95.00%
Future Generali India Insurance
95.20%
IFFCO Tokio General Insurance
95.82%
Go Digit General Insurance Ltd
87%
Liberty General Insurance Limited
94.00%
Kotak Mahindra General Insurance
68.00%
Topping the list is Bajaj Allianz with a claim settlement ratio at a whopping 98%! Furthermore, the company has been the recipient of iAAA rating by the ICRA for 10 years consecutively.
With its presence across the world, such as South-East Asia, the Middle East, and South Asia, ABIBL is a popular name in the general insurance industry. Its CSR is estimated at 94% which makes it among the top general insurance companies in India.
With its presence across the world, such as South-East Asia, the Middle East, and South Asia, ABIBL is a popular name in the general insurance industry. Its CSR is estimated at 94% which makes it among the top general insurance companies in India.
Known in the general insurance market for its large number of satisfied customers every year, Bharti AXA’s claim settlement ratio stands at 92.37%. The company’s claim-settlement procedure is also rather simple and hassle free.
This company not only has a decent CSR but also offers a wide range of services in the general insurance category. A few examples include home insurance, motor insurance, health insurance, travel insurance, personal accident insurance, and the like. The CSR is calculated at 95%.
Offering customized insurance plans to suit individual requirements, the insurance company has a claim settlement ratio of 95.2%. As far as settlement of claims is concerned, the company holds pride in having minimal rejected claims.
Among the best general insurance service providers in India, IFFCO Tokio has a claim settlement ratio of 95.82%. The company operates as a joint partnership venture between three parties – Indian Farmers Fertilizer Cooperative Ltd, Nichido Fire Group of Japan, and IFFCO Tokio Marine.
This company is fast emerging as a popular insurer in India, which is evident in its number of insurance plans sold every year in different categories – health, motor, travel insurance, and the like. Besides, the company also holds an impressive record of settling over 87% insurance claims within a period of just 24 hours.
With a widespread presence in 23 Indian states and over 50 cities, the company is popular for its insurance services and satisfied customers. The CSR of the company stands at 94% as in the financial year 2021-22.
The last, but definitely not the least, Kotak Mahindra is also among the best companies in India offering general insurance services to millions of customers. It has around 13 branches spread across the country offering both life and other forms of insurance services. The CSR for the company was calculated at 68.06% as in 2018-19.