Which life insurers has settled the most claims?

A good way to understand how reliable an insurer can be is by looking at their claim settlement ratio. This ratio is a measure of how many claims an insurer has settled through a period of time.

For example, a life insurer with a death claim settlement ratio of 99% would have settled 99 out of 100 claims coming their way, so the higher the claim settlement ratio, the better for your clients.

An analysis of claim settlement data of up to September 2024 by Cafemutual reveals that ICICI Prudential Life has the highest individual death claim settlement ratio of 99.3%, followed closely by Ageas Federal Life at 99.20%.

Taking the third position is Edelweiss Life with a settlement ratio of 98.80%. HDFC Life secures the fourth spot at 98.40%, while Bajaj Allianz Life and Tata AIA Life are tied for fifth place, both achieving a ratio of 98.30%.

SBI Life follows with 98.10%, and Pramerica Life maintains a claim settlement ratio of 97.7%. Rounding out the top ten are Star Union Dai-ichi Life with 97.2% and Aditya Birla Sun Life at 96.9%.

Let’s look at the insurers with the highest individual death claim settlement ratio as of September 2024:

*Data is captured from period of April to September 2024 for ICICI Prudential Life, Ageas Federal Life*

Edelweiss Life, and Bandhan Life

Similar to claim settlement ratio, an insurer with a claim rejection ratio of 5% will have rejected 5 out of 100 claims coming their way, so the lower the rejection ratio, the better.

Looking at the claim rejection ratios, HDFC Life showcases the lowest rejection rate of just 0.20%, followed by Tata AIA Life at 0.30%.

Axis Max Life and Edelweiss Life share the third position with a rejection ratio of 0.40% while Bajaj Allianz Life and Aviva Life are tied at 0.50%. Bandhan Life, Canara HSBC Life, PNB Met Life and Pramerica Life all maintain a rejection ratio of 0.60%, completing the top performers in this category.

Let’s get a full look at the life insurers with the lowest individual death claim rejection ratio as of September 2024:

*Data is captured from period of April to September 2024 for ICICI Prudential Life, Ageas Federal Life*

Edelweiss Life, and Bandhan Life