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.