Life Insurance Claims Statistics
We review the claims statistics of some of Australia’s leading life insurance brands. The amount of claims an insurer pays out is generally a good indication that the company is delivering on its promises to help you financially support your beneficiaries should you pass away.
Published February 28, 2014
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Table Of Contents
Company Claim Statistics
Asteron
Total Claims: $88 million
| Cause of claim | Percentage of total claims |
| Cancer | 49% |
| Diseases of Circulatory System | 15% |
| Other | 10% |
| Senility and ill defined conditions | 10% |
| Accidents and external causes | 9% |
| Diseases of the respiratory system | 7% |
OnePath
Total Claims: $109,578,283
| Cause of Claim | Percentage of claims – Male | Percentage of claims – Female |
| Cancer | 37% | 50% |
| Other* | 30% | 26% |
| Heart Conditions | 17% | 9% |
| Self-inflicted injury | 5% | 1% |
| Motor vehicle traffic accidents | 4% | 5% |
| External causes | 3% | 3% |
| Stroke | 2% | 3% |
| Nervous system conditions | 1% | 2% |
| Pneumonia and influenza | 1% | 1% |
*Diabetes mellitus, acute respiratory infection, kidney failure, dementia, severe burns, asthma and Alzheimer’s disease
AIA
Total Claims: $317,064,718
| Cause of claim | Number of claims |
| Cancer | 1009 |
| Other* | 849 |
| Cardiovascular | 398 |
| Musculoskeletal | 160 |
| Respiratory | 79 |
* Includes complications of pregnancy, digestive/genitor-urinary system, endocrine disorders such as diabetes, infections diseases, respiratory conditions, suicide/suspected suicide
AMP
Total Claims: $282.6 million
TAL
Total Life Insurance Claims: $272,783,602
Biggest causes of claims
| Cancer | Heart Disease |
| Cardiovascular Disease
|
| Stroke | |
| |
2012 was not an out of the ordinary year for claims, with $22 billion* paid out over the last 7 years.
* The Risk Store – Life Industry Claim Statistics 2012
Company Claim Statistic Sources:
- AIA: Some life insurers make claims, we pay them – April 2013, Asteron: Facts of Life – Asteron life Claims 2012, OnePath: The facts, figures and faces, AMP: AMP Total claims paid, TAL: Our Commitment to Australians – Claims the TAL way, CommInsure: Claims Statistics 2012
- Cancer Council
- The Heart Foundation
- Bureau of Statistics
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