Understanding the Concept of Claim Settlement Ratio Before Buying Insurance

The claim settlement ratio is the percentage of total claims an insurance company settles in a year against the total claims received. For example, if an insurer receives 1,000 claims and successfully settles 980, the ratio is 98%. A high ratio signifies the insurer’s dependability and efficiency, while a low ratio might be a red flag, suggesting possible claim rejections or delays.

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