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Life insurance claims data

The FSC & KPMG have recently released claims data relating to the life insurance industry in 2019. The data is split across gender and the proportion of claims paid.

The data demonstrates how important life insurance is to the Australian community especially given the prevalence of cancer, mental health and accident related claims.

These figures hopefully dispel the myth that insurance companies don’t pay claims.

Key observations:

Life (97% of claims paid)

-Cancer was by far the number 1 cause of death claims in men (39%) and women (61%)

-Accidental death is much more prevalent in men (20%) than women (7%).

TPD (90% of claims paid)

-Mental health comfortably tops the list for men (24%) and women (27%)

Income Protection– (95% of claims paid)

-Accident is the top cause of claims for men (38%) and women (28%)

-Mental health was only fifth on the list for men (10%) but a clear second for women (22%)

Trauma/Critical Illness (86% of claims paid)

-The highest cause of claim was cancer at 58%

Life insurers paid out over $12 billion dollars in claims in 2019 and this is expected to rise in 2020/21 as we further realise the impacts of Covid-19.

 

 

 

 

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