AXA Australia (AXA) has announced it paid out $353.8 million on individual and group insurance claims for the year to 31 December 2008.
In the company’s latest Risk Rap bulletin for advisers, AXA reports that the $353.8 million represents an increase in claims payments of almost $17 million over the previous year.
The highest dollar volumes in claims were experienced in income protection insurance, where $146.6 million was paid to policy owners.
Next in line were life insurance products, paying out $135.0 million in claims, followed by trauma insurance, at $36.7 million and TPD insurance, totalling $35.5 million.
Since 2004, AXA advises it has paid out more than $1.5 billion in group and personal claims to Australians.
The company points out its claims process was rated one of the best in the industry in 2008 (according to Investment Trends Planner Risk & Technology Report, October 2008), and that the main reasons for this were found to be the company’s highly empathetic process and ability to pay claims in a timely manner.
General Manager AXA Financial Protection Operations, Elio Garino, said “With all claims we strive to deliver a fair, ethical and transparent service for advisers and clients, starting with the initial claim lodgement and continuing through to the resolution of the claim.”
Mr Garino added that “… most importantly, AXA strives to deal with each claim in a compassionate manner. Advisers and clients can feel secure in the knowledge that AXA is willing and able to pay legitimate claims.”
Click the link for AXA’s 2008 Claims Brochure
