Life Insurance remains the most claimed on policy in terms of benefits paid out, with over $1.9 billion claimed in 2012 followed by income protection with $1.1 billion.*
As a result, when you apply for a policy you will be required to go through a detailed application process.
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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 |
| Musculosektal | 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
Image Source: The Risk Store
Biggest causes of claims:
|
Cancer
|
Heart Disease Cardiovascular Disease
Coronary Heart Disease and Heart Disease
Heart Attack
|
|
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
Ù The Heart Foundation
à Bureau of Statistics