Claim Statistics

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.

Company Claim Statistics

Asteron

Total Claims: $88 million
asteron-claims-2012-stats

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
onepath-claims-2012-stats-female
onepath-claims-2012-stats-male

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
aia-claims-2012-stats

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
age-of-amp-claiments-stats
amp-claims-2012-stats

TAL:

Total Life Insurance Claims: $272,783,602
tal-life-insurance-claims

2012-claims-paid
Image Source: The Risk Store

Biggest causes of claims:

Cancer

  • Cancer is the leading cause of death in Australia with over 43,000 people thought to have died from cancer in 2011
  • 15,000# more people die from cancer compared to 30 years ago – mainly due to population growth and ageing

Heart Disease

Cardiovascular Disease

  • Kills one Australian every 12 minutes Ù
  • Over 45,000Ù Australians died from CVD in 2011, accounting for 31%Ù of all deaths.

Coronary Heart Disease and Heart Disease

  • Over 21,000Ù Australians died from Coronary Heart Disease and Heart Disease in 2011 – accounting for 14%Ù of all deaths.
  • Kills 59 Australians every day

Heart Attack

  • Approximately 380,000Ù Australians have suffered a heart attack at some point in their lives
  • Killed 9,811Ù lives in 2011 or 27Ù per day

Stroke

  • In 2011 stroke was the underlying cause of death for over 11,000à people and the associated cause for another 20,793à deaths.
  • In 2009, over 380,000à Australians suffered from a stroke with 55%à of them being male.

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

Published: February 28, 2014

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