March 8, 2019
CommInsure reports it paid out over $960 million in claims last year.
In results that span the insurer’s retail, direct and group insurance activities, the highest claims volume, not surprisingly, was experienced for life cover claims, followed by TPD claims, with Income Protection a very close-run third.
Split by the four main benefit types, CommInsure has detailed its 2018 claims payouts as follows:
- Life Cover: $327.7 million
- TPD Cover: $273.7 million
- Income Protection: $271.8 million
- Trauma Cover: $87.2 million
By far the most claims accepted by CommInsure were for Income Protection cover, which saw the insurer accept 13,423 claims for this benefit. Its 2018 accepted claims numbers were:
- Income Protection: 13,423
- Life Cover: 2,959
- TPD Cover: 1,726
- Trauma Cover: 693
Cancer was the major cause of claims for both Life and Trauma Cover, which accounted for 30 percent and 48 percent of claims respectively, while musculoskeletal (25 percent) and Accident (16 percent) events led accepted claims for TPD and IP Cover.
The insurer has released an infographic (click here) that outlines these and other details regarding its 2018 claims activities.