Life Risk Claims Top $4 Billion

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    Life insurance claims payments broke through the $4 billion mark for the first time in 2012, according to the risk store.

    The risk store’s annual Life Industry Claims Statistics report, released this week, reveals life insurance claims rose by 10.7% in 2012.  This follows an increase of 11.4% in 2011 and represents a 116% increase in claims payments since the risk store first released its annual claims data in 2006.

    this result “… is a good-news story that the industry should be shouting out from the rooftops”

    Commenting on the outcome of the 2012 report, which collects data from Australia’s eleven mainstream retail life insurers, risk store MD, Peter Wincott, said this result “… is a good-news story that the industry should be shouting out from the rooftops.”

    For the first time this year, the risk store has included details of the top three causes for income protection claims, to accompany details of the top three causes of lump sum claims.  The firm’s announcement says the ‘usual suspects’ feature in the top claims causes and, as always, highlights the need for both trauma and TPD insurance within a life insurance portfolio.

    With thanks to the risk store, it advises the top claim events across the four major life insurance categories are:

    • Death: Cancer
    • TPD: Musculo skeletal
    • Trauma: Cancer
    • Income Protection: Musculo skeletal

    The full risk store 2012 Life Industry Claims Statistics Report is only available for risk store members. Click here for more details.