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Motor Insurance: focus on claim ratios, no just premiums
The Business Guardian
|September 04, 2024
Choosing motor insurance isn't just about finding the cheapest premium; it's about ensuring peace of mind knowing your insurer will be there when you need them most.
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Two key metrics, the Claims Settlement Ratio and the Claims Disposal Ratio, provide valuable insights into how effectively insurance companies handle claims, derived from publicly available data published by the Insurance Regulatory and Development Authority of India (IRDAI). Let's break them down. Claims Settlement Ratio: This ratio reveals the percentage of claims an insurer successfully paid out during the year. It's calculated by dividing the total number of claims settled for the year ending March 31st by the total claims available for processing during that same period, which includes both opening outstanding claims and those registered during the year. Let's simplify these terms: a) Opening Outstanding Claims: They have 5 claims left over from previous year, which are carried forward to next year to be addressed. b) Registered claim: They have 95 claims which are newly reported in the current Year. c) Se
Dit verhaal komt uit de September 04, 2024-editie van The Business Guardian.
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