The risk store is set to release its 2008 Claims report for the risk insurance industry, in which it documents a significant rise in the number and value of claims that have been paid, particularly for certain categories.
This report compiles claims data from the retail life companies and splits them into the four main benefit categories of:
- Death
- Total and Permanent Disablement (TPD)
- Trauma
- Income Protection/Salary Continuance
Initially released for the 2006 calendar year, the report has evolved each year to the point where it now accesses data from 13 major insurers for both personal and group insurance claims.
… TPD and Trauma claims in particular have risen, in line with increasing volumes of business written for these insurance categories…
For 2008, risk store Managing Director, Sue Laing, has told riskinfo that TPD and Trauma claims in particular have risen, indicating increasing volumes of business written for these insurance categories over recent years.
Around the time this story goes to press the risk store will be announcing its 2008 claims results to its members as well as the winner of its ‘nearest the pin’ competition, where advisers and other risk store members were asked to estimate the total claims paid to policy beneficiaries by the life companies in the 2008 year.
The risk store’s industry claims reports for 2006 and 2007 can be accessed by clicking the following links:
riskinfo sees this report as a valuable summary tool for advisers in that they are able to demonstrate to their clients evidence of the billions of dollars that are paid each year to the beneficiaries of risk insurance policies and that the life companies really do pay claims!
riskinfo will report further details once the risk store has released its findings to its members.
Advisers wanting to subscribe to the risk store can do so at: risk store membership.
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