AIA

In 2011, AIA made over $445 million in life insurance claim payments to its Australian Life Insurance customers, totalling over $1.7m every working day. AIA made life insurance claims across all products broken down into the following;

AIA Life Insurance Claim Summary

AIA made the following life insurance claim payments for the differing AIA insurance products;

Life Insurance$241,654,344
TPD Insurance$23,255,461
Trauma Insurance$88,640,486
Income Protection$91,250,696
Whole of Life$806,433

AIA also released the breakdown of what events caused claims for each of their products.

AIA Claims – Life Insurance

As with other claim statistics, the biggest claim on life insurance was as a result of cancer, making up 40.3% of total death claims. Of these cancer related life insurance claims, females made around 55% and males 45%. Interestingly, due to AIA’s large ‘group insurance’ business, where no underwriting is required (for example default cover under superannuation), no cause of death is reported to the insurer and this comprises of 25% of AIA’s 2011 claims on life insurance.

AIA reported the following for other causes of life insurance claims; 11.3% – Cardiovascular, 9.8% Other (i.e. Diabetes, Complications of Pregnancy, Infectious details, Respiratory Conditions, etc.), 7.5% Musculosketal, 5.8% Neurological.

AIA Claims – TPD Insurance

TPD Insurance based on ability to work see’s a focus on Musculoskeletal conditions as causes of claim. Musculoskeletal conditions include back/neck conditions, arthritis and accidents. Musculoskeletal conditions made 43.1% of AIA’s TPD Insurance claims in 2011, roughly evenly split between male and female claimants. Unlike Life Insurance Claims, Mental Health made up 1 in 7 claims for Total and Permanent Disablement Insurance, with Males claiming significantly more than females.

 

AIA Claims – Trauma Insurance

Cancer claims dominate the overall AIA Trauma Insurance claim statistics with over 63% of all claims being for cancer. Overall, for every 100 Trauma Insurance claims made by a female; roughly 75 are for cancer, compared to around 55 for males. Conversely for every 100 claims made by a male, around 25 are for Cardiovascular conditions, compared with around 5 for females. The third largest Trauma Insurance claim condition under AIA’s claim statistics was for Neurological Conditions (i.e. Stroke).

AIA Claims – Income Protection

AIA’s Income Protection claim statistics for Income Protection were similar to that of their TPD Insurance claim statistics, with almost 50% of all Income Protection claims being for Musculoskeletal conditions, with 17% for Cancer and 12% for Mental Health. AIA made note that over 98% of all claimants were unable to work for at least 3 months and 50% of their Income Protection claims were longer than 18 months. This brings into consideration the effectiveness of a 2 year benefit period to provide longer term financial security.

 

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