In today's world, insurance has become a necessity for individuals and businesses alike. It provides financial protection against unforeseen events and helps in managing risks. One of the most important aspects of insurance is the claim settlement ratio, which indicates the percentage of claims that an insurer settles out of the total claims received. A higher claim settlement ratio is always better as it reflects the efficiency and credibility of the insurer. In this article, we will discuss which general insurance companies have the best claim settlement ratio.
Before we delve into the details, let us first understand what general insurance is. General insurance is a type of insurance that covers various perils such as fire, theft, accident, liability, etc. It is different from life insurance, which covers the risk of death or disability. General insurance is further classified into various categories such as motor insurance, health insurance, home insurance, travel insurance, etc. Each category has its own set of risks and coverage options.
Now, coming back to our main topic, which general insurance companies have the best claim settlement ratio? To answer this question, we need to look at various factors such as the reputation of the insurer, the number of claims settled, the time taken to settle claims, the amount of money paid out, etc. We also need to consider the size and scope of the insurer's operations, as larger insurers may have more claims to settle than smaller ones.
One of the most reputed general insurance companies in India is ICICI Lombard General Insurance. It has a claim settlement ratio of 98.20% for the year 2019-20. This means that out of every 100 claims received by ICICI Lombard, 98 were settled. The company has a wide range of products and services, including motor insurance, health insurance, home insurance, travel insurance, etc. It also has a quick and efficient claims process, with most claims being settled within 30 days.
Another general insurance company with a high claim settlement ratio is Bajaj Allianz General Insurance. It has a claim settlement ratio of 96.40% for the year 2019-20. This means that out of every 100 claims received by Bajaj Allianz, 96 were settled. The company offers a variety of products and services, including motor insurance, health insurance, home insurance, travel insurance, etc. It also has a user-friendly claims process, with most claims being settled within 45 days.
HDFC Ergo General Insurance is another general insurance company with a high claim settlement ratio. It has a claim settlement ratio of 97.50% for the year 2019-20. This means that out of every 100 claims received by HDFC Ergo, 97 were settled. The company offers a wide range of products and services, including motor insurance, health insurance, home insurance, travel insurance, etc. It also has a fast and efficient claims process, with most claims being settled within 30 days.
Liberty General Insurance is another general insurance company with a high claim settlement ratio. It has a claim settlement ratio of 96.80% for the year 2019-20. This means that out of every 100 claims received by Liberty General, 96 were settled. The company offers a variety of products and services, including motor insurance, health insurance, home insurance, travel insurance, etc. It also has a customer-friendly claims process, with most claims being settled within 45 days.
SBI General Insurance is another general insurance company with a high claim settlement ratio. It has a claim settlement ratio of 97.40% for the year 2019-20. This means that out of every 100 claims received by SBI General, 97 were settled. The company offers a wide range of products and services, including motor insurance, health insurance, home insurance, travel insurance, etc. It also has a quick and efficient claims process, with most claims being settled within 30 days.
New India Assurance is another general insurance company with a high claim settlement ratio. It has a claim settlement ratio of 97.50% for the year 2019-20. This means that out of every 100 claims received by New India Assurance, 97 were settled. The company offers a variety of products and services, including motor insurance, health insurance, home insurance, travel insurance, etc. It also has a customer-friendly claims process, with most claims being settled within 45 days.
National Insurance is another general insurance company with a high claim settlement ratio. It has a claim settlement ratio of 97.50% for the year 2019-20. This means that out of every 100 claims received by National Insurance, 97 were settled. The company offers a wide range of products and services, including motor insurance, health insurance, home insurance, travel insurance, etc. It also has a quick and efficient claims process, with most claims being settled within 30 days.
Oriental Insurance is another general insurance company with a high claim settlement ratio. It has a claim settlement ratio of 96.80% for the year 2019-20. This means that out of every 100 claims received by Oriental Insurance, 96 were settled. The company offers a variety of products and services, including motor insurance, health insurance, home insurance, travel insurance, etc. It also has a customer-friendly claims process, with most claims being settled within 45 days.
United India Insurance is another general insurance company with a high claim settlement ratio. It has a claim settlement ratio of 97.30% for the year 2019-20. This means that out of every 100 claims received by United India Insurance, 97 were settled. The company offers a wide range of products and services, including motor insurance, health insurance, home insurance, travel insurance, etc. It also has a quick and efficient claims process, with most claims being settled within 30 days.
In conclusion, there are several general insurance companies in India that have a high claim settlement ratio. Some of the top performers include ICICI Lombard General Insurance, Bajaj Allianz General Insurance, HDFC Ergo General Insurance, Liberty General Insurance, SBI General Insurance, New India Assurance, National Insurance, Oriental Insurance, and United India Insurance. These companies offer a wide range of products and services and have a quick and efficient claims process. However, it is essential to remember that the claim settlement ratio is just one factor to consider while choosing an insurer. Other factors such as the coverage options, premium rates, customer service, etc., should also be considered while making an informed decision.