You should know these ratios before buying insurance
1. Claim Settlement Ratio (CSR) Definition: CSR is the percentage of insurance claims settled by an insurer compared to the total claims received during a financial year. Impact: A higher ratio (above 95% is preferred by IRDAI) indicates reliability in claim payouts, boosting customer trust and improving market reputation. 2. Incurred Claims Ratio (ICR) Definition: […]
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