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Liberty General Insurance has the highest Claims Settlement Ratio and Claims Settlement Efficiency ratio - by IBAI Report


Liberty General Insurance has the highest Claims Settlement Ratio and Claims Settlement Efficiency ratio - by IBAI Report

Mumbai/Delhi, January 29, 2020: As per the latest IBAI (Indian Brokers Association of India) report, Liberty General Insurance ranked #1 for its claim settlement ratio, and claim settlement efficiency ratio which stood at 82.54 percent and 87.64 percent respectively among the Small Private Sector General Insurers in India.

1) The highest claims settlement ratio

Liberty General Insurance had Claims Settlement ratio 82.54% for the year ending March 31, 2019. Number of Claims available for processingfor the year ended March 31, 2019 were 1,58,223

SMALL PRIVATE SECTOR GENERAL INSURERS

RANK

INSURER

CLAIMS SETTLEMENT RATIO

NO. OF CLAIMS AVAILABLE

FOR PROCESSING

For the year ended

March 31, 2019

For the year ended

March 31, 2018

For the qtr ended

September 30, 2016

For the year ended

March 31, 2019

1

Liberty General

82.54%

81.34%

72.81%

1,58,223

2

Go Digit

81.22%

-

-

37,031

3

Bharti AXA

80.45%

82.25%

62.16%

2,67,207

4

Future Generali

80.41%

74.89%

69.01%

2,89,913

5

DHFL General

79.58%

-

-

2,419

6

Kotak Mahindra General

78.52%

76.09%

-

28,535

7

Acko

74.37%

-

-

23,683

8

Magma HDI

71.60%

65.79%

50.72%

51,474

9

Edelweiss

69.86%

-

-

282

10

Shriram General

36.97%

32.03%

26.97%

7,48,266

11

Raheja QBE#

22.12%

-

18.67%

764

2) The highest claims settlement efficiency ratio

Liberty General Insurance had Claims Settlement Efficiency Ratio 87.64% for the year ended March 31, 2019. Number of Claims available for processing for the year ended March 31, 2019 were 1,58,223

SMALL PRIVATE SECTOR GENERAL INSURERS

RANK

INSURER

CLAIMS SETTLEMENT EFFICIENCY RATIO

NO. OF CLAIMS AVAILABLE

FOR PROCESSING

For the year ended

March 31, 2019

For the year ended

March 31, 2018

For the qtr ended

September 30, 2016

For the year ended

March 31, 2019

1

Liberty General

87.64%

78.26%

67.40%

1,58,223

2

Go Digit

80.71%

-

-

37,031

3

DHFL General

79.54%

-

-

2,419

4

Kotak Mahindra General

76.71%

73.91%

-

28,535

5

Bharti AXA

74.93%

74.20%

54.10%

2,67,207

6

Acko

73.64%

-

-

23,683

7

Future Generali

69.68%

69.64%

64.81%

2,89,913

8

Edelweiss

68.44%

-

-

282

9

Magma HDI

66.00%

57.10%

38.31%

51,474

10

Shriram General

49.61%

23.48%

14.25%

7,48,266

11

Raheja QBE#

2.75%

-

7.33%

764

About Liberty General Insurance Limited

Liberty General Insurance Limited is a joint venture between Liberty Citystate holdings PTE Ltd, a group company of US Headquartered Liberty Mutual Insurance Group, a leading multinational property and casualty group, Enam Securities, a privately owned and managed firm that makes long-term investments in listed companies, as well as backs entrepreneurs building valuable private companies and DP Jindal Group, an industrial conglomerate. Liberty General Insurance commenced operations in 2013 with the aim of providing comprehensive retail, commercial and industrial insurance solutions. The company has an employee strength of 1100+ over a network of 60 offices in 58 cities across 23 states. Its partner network consists of about 5000 hospitals and more than 3100 auto service centres. The company offers health and personal accident insurance, car and two-wheeler insurance, employee compensation insurance, commercial insurance, fire and engineering insurance, marine insurance and other miscellaneous insurance products in India. For more details, visit https://www.libertyinsurance.in/

PWR PWR

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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