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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Company Claim Statistics

Asteron

Total Claims: $88 million

Cause of claim Percentage of total claims
Cancer49%
Diseases of Circulatory System15%
Other10%
Senility and ill defined conditions10%
Accidents and external causes9%
Diseases of the respiratory system7%

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 causes3% 3%
Stroke2% 3%
Nervous system conditions1% 2%
Pneumonia and influenza1%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

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Biggest causes of claims

Cancer Heart Disease
  • 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
Cardiovascular Disease
  • Kills one Australian every 12 minutes
  • Over 45,000  Australians died from CVD in 2011, accounting for 31%  of all deaths.
Coronary Heart Disease and Heart Disease
  • Over 21,000 Australians died from Coronary Heart Disease and Heart Disease in 2011 – accounting for 14% of all deaths.
  • Kills 59 Australians every day
Heart Attack
  • Approximately 380,000 Australians have suffered a heart attack at some point in their lives
  • Killed 9,811 lives in 2011 or 27 per day
Stroke
  • In 2011 stroke was the underlying cause of death for over 11,000 people and the associated cause for another 20,793 deaths.
  • In 2009, over 380,000 Australians suffered from a stroke with 55% 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:

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