India: car insurance claims settlement ratio by insurer 2024 | Statista (2024)

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Car insurance claims settlement ratio in India as of January 2024, by insurer Statistics on " Insurance industry in the Nordic countries " Other statistics that may interest you Insurance industry in the Nordic countries Topics FAQs

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    Published by Statista Research Department, Feb 23, 2024

    As of January 2024, SBI Car Insurance had a claims settlement ratio of 100 percent in India. It was followed by HDFC ERGO Car Insurance and Royal Sundaram Car Insurance with a settlement ratio of 99 and 98.6 percent respectively.

    Car insurance claims settlement ratio in India as of January 2024, by insurer

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    India: car insurance claims settlement ratio by insurer 2024 | Statista (2024)

    FAQs

    India: car insurance claims settlement ratio by insurer 2024 | Statista? ›

    Car insurance claims settlement ratio India January 2024, by insurer. As of January 2024, SBI Car Insurance had a claims settlement ratio of 100 percent in India. It was followed by HDFC ERGO Car Insurance and Royal Sundaram Car Insurance with a settlement ratio of 99 and 98.6 percent respectively.

    Tell Me More ›
    Which car insurance has the best claim settlement ratio in India? ›

    Best Car Insurance Company on The Basis of Claim Settlement Ratio (CSR)
    TOP 5 Car Insurance Company 2024 Based on CSR
    Car Insurance CompanyClaim Settlement RatioNetwork Garages
    HDFC ERGO Car Insurance100.00%6,800
    Royal Sundaram Car Insurance98.33%3,300
    Reliance Car Insurance98.00%8,200
    2 more rows
    Jul 24, 2024

    Discover More Details ›
    Which term insurance company has the best claim settlement ratio in India? ›

    In terms of number of policies settled during 2022-23, Max Life Insurance has the highest claim settlement ratio of 99.51%. With a 99.39% claim settlement ratio, HDFC Life Insurance came second on the list. Aegon Life Insurance bagged the third position with a 99.37% claim settlement ratio.

    View More ›
    What is the claim settlement ratio of future? ›

    Moreover, the Future Generali car insurance claim settlement ratio is 96.3%.

    Read The Full Story ›
    What is the claim ratio for New India Insurance Company? ›

    Claim Settlement Ratio of New India Assurance Health Insurance Company
    Status of New India Assurance Health Insurance Claim Settlement ratio- 2021-22
    Age Analysis of Number of Claims Paid (%)< 3 months1 year to <3 year
    Claims Settled92.930.75

    See More ›
    Which insurance company is best for car insurance in India? ›

    List of Best Car Insurance Companies
    • TATA AIG: Best Overall Car Insurance Rates.
    • SBI General: Best for Low Level of Complaints.
    • Digit Car: Best AI Enabled Process.
    • ICICI Lombard: Best Claim Settlement Process.
    • The New India Assurance: Best Renewal Discount.
    • ACKO: Best Premium Online Discount.
    More items...

    See Details ›
    Which car insurance company has the highest customer satisfaction in India? ›

    HDFC ERGO General Insurance Company

    HDFC ERGO Comprehensive Car Insurance is highly regarded as one of the most trustworthy car insurance providers in India. They offer a range of 12 add-on covers for customers to choose from, along with personal accident coverage of up to Rs. 15 lakh.

    Continue Reading ›
    What is the claim settlement ratio of Tata? ›

    As per the annual report of IRDAI (Insurance Regulatory and Development Authority of India) for the financial year 2021-22, the claim settlement ratio of TATA AIA Life Insurance is 99.01%. Let's discuss the TATA AIA Claim Settlement Ratio in detail.

    Get More Info Here ›
    What is the time limit for insurance claim settlement in India? ›

    The time limit set for the claim settlement process by the IRDAI is within 30 days of raising the claim. Most insurance companies settle the claims within 10 days. Read on to know everything about the claim settlement process.

    Explore More ›
    What is the HDFC claim settlement ratio? ›

    In the fiscal year 2024, HDFC Life maintained an impressive overall claim settlement ratio of 99.50%, paying out ₹1,584 crores across 19,338 policies. This builds on previous strong performances of 98.66% in FY 22 and 99.39% in FY2 3 specifically in retail claims.

    Read The Full Story ›

    Which company has the highest claim settlement ratio? ›

    Which life insurance company has the highest claim settlement ratio? Max Life Insurance has the greatest claim settlement ratio in terms of claim number, with 99.34% for the fiscal year 2021-22.

    Discover More Details ›
    What is the claim settlement ratio for United India Insurance? ›

    Every health insurance company has a different claim settlement ratio, and it is advisable to check it before choosing a policy. The United India Insurance enjoys a claim settlement ratio of 94.5% for FY 2021-22.

    Read More ›
    What is the claim settlement ratio of SBI? ›

    A higher percentage denotes a higher claim settlement efficiency of the insurer. The claim settlement ratio of SBI Life Insurance for the financial year 2021-22 is 97.05%, which indicates that the insurer can settle claims without hassle.

    Keep Reading ›
    Which car insurance has the best claim-settlement ratio? ›

    Car insurance claims settlement ratio India January 2024, by insurer. As of January 2024, SBI Car Insurance had a claims settlement ratio of 100 percent in India. It was followed by HDFC ERGO Car Insurance and Royal Sundaram Car Insurance with a settlement ratio of 99 and 98.6 percent respectively.

    Read More ›
    What is the settlement ratio of Bajaj Allianz? ›

    The claim settlement ratio of Bajaj Allianz Life Insurance is 98.48% for the financial year 2021-22 as per IRDAI Annual Report. This is considered a high CSR which means for every 100 claims received, 98 claims are settled.

    See More ›
    What is the claim settlement ratio for Iffco Tokio? ›

    The claim settlement ratio of Iffco Tokio Health Insurance for the year 2021-22 is 89.38%.

    View More ›
    Car Insurance Claim Settlement Ratio: Check ...Coverfox Insurancehttps://www.coverfox.com ›

    What is a Claim Settlement Ratio? Settlement Percentage. It's the percentage of claims settled by an insurance company in one yr. out of the total no. of cl...
    List of car insurers with the highest claim settlement ratio. Check out the best car insurance Claim settlement ratio companies in India that tell the percentag...
    Claim settlement ratio is the percentage of claims that an insurance company has paid out in a financial year compared to the number of claims received.

    Learn More ›
    Which company is best for a car insurance claim? ›

    Bajaj Allianz is the best insurance company for car and has 98% claim settlement ratio, offering hassle-free claim process. You can get cashless services at 6,500+ network garages across India. Buy the Bajaj Allianz Car Insurance policy at Bajaj Finance Insurance Mall at premium starting from Rs.

    Read On ›
    Which list has highest claim settlement ratio? ›

    No.CompanyClaim Settlement Ratio (2021-2022)
    1Life Insurance Corporation of India98.74%
    2HDFC Life Insurance Company Limited99.30%
    3SBI Life Insurance Company Limited97.05%
    4ICICI Prudential Life Insurance Company Limited97.90%
    18 more rows

    Discover More Details ›
    Which insurance is best for a car after 5 years? ›

    Is the zero-depreciation add-on cover a better option to comprehensive car insurance? Yes, a zero-depreciation add-on cover adds benefits to a basic comprehensive car insurance policy. It increases the claim amount by paying for the repair and depreciation costs.

    Get More Info Here ›

    What is the claim settlement ratio for Tata AIG? ›

    Our health insurance benefits include: A Claim Settlement Ratio of 94.43% for FY 2020-21. A wide network of more than 7200 cashless hospitals. In-built Covid-19 coverage.

    Keep Reading ›
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