Bajaj Allianz Life’s 581% Solvency Ratio highest in the industry; three time over the regulator norms
· Strong commitment towards its promise to customers with Claims Settlement Ratio at 99.02% for FY 2021-22
Bajaj Allianz Life Insurance Company, one of the leading private life insurance players, shared two key parameters today, which strengthens its position in the market, and showcases the insurer’s financial strength to keep its customers’ Life Goals secured.
Bajaj Allianz Life Insurance’s Solvency Ratio stands at 581% (FY22), as against the regulatory requirement of 150%. Solvency Ratio is maintained by insurers, globally, and depicts the financial health of the company. At 581%, Bajaj Allianz Life’s solvency ratio indicates the insurer’s capability of meeting both, short-term and long-term liabilities.
Further, the company’s Claim Settlement Ratio stands at 99.02% (Individual Claims Settlement Ratio for FY22), which is amongst one of the highest in the industry. This is indicative of the Company’s commitment towards honoring its promise made to customers, which is settling the claim on the customer’s policy.
Mr. Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance, said “Customer First philosophy is now our north star, and through our transformational journey over the last five years we have taken every step to build simplicity and efficiencies to ensure we remain true to our promise made to our customers. Our Solvency Ratio and Claims Settlement Ratio stand testament to this commitment. We will continue to invest in this journey to become the preferred life insurer to enable Life Goals of many more customers in India.”
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