Life Insurer’s Claim Settlement Ratios for Financial Year 2013-14
As per IRDA Annual Report for Financial Year 2013-14, Life Insurance Corporation of India (LIC) has got – 98.14%, the highest claim ratio, followed by ICICI Pru Life – 94.10%. Lowest claim ratio is – 22.14% of DLF Pramerica Life, seconded by Edelweiss Tokio Life – 60.00%.
Maximum claim ratio movement in the last one year – IDBI Federal Life (from 18th in FY 2012-13 to 9th inFY 2013-14) and PNB Met Life has moved 6 places up (from 16th in FY 2012-13 to 10th in FY 2013-14) and Reliance Life dropped 6 places (from 12th in FY 2012-13 to 18th in FY 2013-14) and Canara HSBC Life dropped 5 places (from 10th in FY 2012-13 to 15th in FY 2013-14) in ladder.
Maximum claim ratio movement in the last one year – IDBI Federal Life (from 18th in FY 2012-13 to 9th inFY 2013-14) and PNB Met Life has moved 6 places up (from 16th in FY 2012-13 to 10th in FY 2013-14) and Reliance Life dropped 6 places (from 12th in FY 2012-13 to 18th in FY 2013-14) and Canara HSBC Life dropped 5 places (from 10th in FY 2012-13 to 15th in FY 2013-14) in ladder.
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