ICICI Prudential Life ‘tops’ Claim Settlement Ratio at 99.35% in Q1FY25

Private sector life insurer, ICICI Prudential Life Insurance Company Ltd has reported claim settlement ratio of 99.35% for Q1FY25, the highest among all life insurance companies both private and public sector in the country as per available industry data. 

Also, the average turnaround time taken by the insurer to settle a death claim was reported at 1.2 days for the same period. A total of 2,911 claims were settled by the company during Q1FY25. 

For the same period the claim settlement ratios of HDFC Life was 97.24%, Tata AIA Life was 96.52%, SBI Life at 96.04%, LIC 95.31% and Bajaj Allianz Life was 90.49% as per industry data.