The claim settlement ratio of New India Assurance Company is 97.21% for the financial year 2019-20. This is one of the highest claim settlement ratio among all the general insurers in India.
The Claim Settlement Ratio of a general insurance company is an indicator of its performance and indicates the company's capability and commitment to honoring policyholders claims. It is the number of claims settled against the total number of claims received during a fiscal year. A higher ratio indicates a better performance, which in turn reflects the insurer’s sound financial standing.
New India Assurance Company has maintained a steady claim settlement ratio of 97.21%, irrespective of the increase or decrease in the number of claims settled during the past years. This is the result of their strong capital base and prudent underwriting practices. As per the last reported results, they settled over 00,000 claims out of a total of 4.0 lakh claims.
You can view their detailed financial performance report and other related information here:
https://www.newindia.co.in/Documents/