The claim settlement ratio is an important factor to consider when selecting an insurance provider. It determines the proportion of claims that have been settled by the insurance provider against the total number of claims received during a specific period. It is an indicator of the reliability and efficiency of the insurer.
New India Assurance Company is a well-known general insurance provider in India, offering a wide range of insurance products such as motor insurance, health insurance, travel insurance, etc. When it comes to their claim settlement ratio, New India Assurance Company has a good track record of settling claims in a timely manner.
As per the latest data released by IRDAI (Insurance Regulatory and Development Authority of India), the claim settlement ratio of New India Assurance Company for the financial year 2019-2020 is 93.93%. This means that out of 100 claims that were filed, 93.93 claims were settled by the insurance provider, leaving a small percentage of claims pending for settlement.
It is important to note that the claim settlement ratio of an insurance provider can vary from year to year based on various factors such as the number of claims received, the type of claims, the efficiency of the claims processing system, etc. Therefore, it is advisable to not solely rely on this ratio while selecting an insurance provider. It is essential to also consider other factors such as the reputation of the insurer, the range of products offered, customer service, etc.
In conclusion, New India Assurance Company has a commendable claim settlement ratio of 93.93% for the financial year 2019-2020, and this shows their commitment towards providing timely and efficient claim settlement services to their customers.
