Claim Statistics

People’s general concerns with insurance not paying out. Most people we speak to are interested in what are the most common claims, how much was paid but how it all works.

We believe every customer and claims circumstance is unique. We understand that to manage claims effectively for the customer’s benefit, claims consultants need to treat people with empathy and consider their situation holistically.

Note: We obtained claims statistics from leading insurer BT.

FY17 TERMS LIFE CLAIMS PAID 

In 2017, policyholders received $171 million in Term Life claims. 18 is the age of the youngest claimant and 96 is the age of the oldest claimant.

The average years the policy had been in force was 10 and the average claim payout was $330,000.

FY17 TPD CLAIMS PAID

In 2017, policyholders received $47 million in TPD claims. 22 is the age of the youngest claimant and 65 is the age of the oldest claimant.

The average years the policy had been in force was 5 and the average claim payout was $281,000.

FY17 LIVING INSURANCE CLAIMS PAID 

In 2017, policyholders received $86 million in Living cover claims. 27 is the age of the youngest claimant and 68 is the age of the oldest claimant.

The average years the policy had been in force was 5 and the average claim payout was $194,000.

FY17 INCOME PROTECTION CLAIMS PAID

In 2017, policyholders received $80 million in Income Protection claims. 20 is the age of the youngest claimant and 65 is the age of the oldest claimant.

The average years the policy had been in force was 4 and the average claim payout was $5,697.

Insurance is all about having peace of mind and protecting against the unforeseen. If you want to review your risk management strategy and ensure you have the right protection, please contact us for a chat.

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