What is the significance of claim settlement ratio?

The claim settlement ratio gives you an idea of how efficiently an insurer settles claims. It shows the percentage of claims paid out compared to claims received. A higher ratio indicates better claim settlement practices and reliability.

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When buying insurance, a high claim settlement ratio is important as it indicates that the insurer is more likely to honor your claim. It gives you confidence that your claims will be settled promptly and efficiently, providing you with the financial support you need when you need it most.

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