Zurich Financial Services Australia has published new analysis of its life insurance claims data, which found musculoskeletal conditions, cancer and mental health were the most claimed illnesses in 2023.
The insurer says musculoskeletal claims represented the highest volume at more than one third of all claims (34%), followed by cancer (21%), mental health (18%) and cardiovascular conditions (9%). The top conditions claimed were consistent with figures from 2022.
It notes that cancer represented the highest average claim amount at $187,000, followed by:
- Cardiovascular claims at an average of $150,000
- Neurological claims at $144,000
- Mental health at $118,000
Zurich says some of these conditions “…saw significant double digit average claim amount increases since 2022.”
The company says data also revealed male customers were more likely to claim for musculoskeletal conditions than females, while females were more likely to claim for mental health conditions and cancer than males.
Matt Paterson, Chief Claims Officer at Zurich, says that behind every claim is a person or family experiencing challenging times.
“We are proud to have supported more than 12,000 claiming customers in 2023 at a time when they needed us most.”
The analysis reflects similar trends found in Zurich’s Cost of Care report, which also highlighted strong prevalence for mental health and musculoskeletal conditions, as well as significant lifetime costs to manage conditions such as cancer ($65,000 on average) and acute coronary events ($66,000 on average). See: Zurich Releases Cost of Care Volumn 2.
Paterson adds that both Zurich’s claims data and Cost of Care analysis “…highlight a growing need for Australians to prioritise resilience and prevention across their health and finances.”
He says this area will continue to be a strong focus for Zurich “…and the value we offer our customers, with data playing a key role in the continued evolution of these services.”
Click here to see Zurich claims data and here for OnePath claims data.
The data includes retail, direct and group insurance customers, inclusive of OnePath Life.
