MSIG Hong Kong claims settlement ratio up for third-straight year

Claims settlement ratio rose to 92.9% in 2022.

MSIG Hong Kong revealed that claims settlement ratio rose for the third consecutive year to 92.9% in 2022.

In comparison, 2021 logged 92.4% whilst 2020 registered 91.2%.

This is its fourth annual claims report which showcases the insurer's latest initiatives and highlights the total claims honoured in Hong Kong and Macau. 

The report also emphasises the Hong Kong region’s focus on digital solutions, such as the Zero Touch claims payment initiative and the revamped EASY Claims system, enabling customers to conveniently file claims online. 

In 2022, MSIG honoured claims amounting to HK$356.2m in Hong Kong and Macau. 

ALSO READ: MSIG Asia boosts regional team with new CTO, risk head

According to MSIG's Annual Claims Survey, customers rated their satisfaction with the insurer at an average score of 8.5 out of 10. 

The number of complaints received continued to decline, with only 24 complaints (0.37% of overall claims settlements) in 2022, compared to 30 in 2021, 50 in 2020, and 70 in 2019. 

On the other hand, MSIG received 204 compliments in 2022.

The report also showed the top settlement ratios by class in 2022, with Employee's Compensation in Hong Kong leading at 99.0%, followed by Domestic Helper at 97.82% and Personal Accident at 97.5%.