AIA Australia and CommInsure have released their 2013 claims paid statistics, with the two companies each paying out more than $600 million last year.
AIA Australia paid out $672.8 million in claims in 2013, to 11,519 customers. The figure represents over $2.8 million paid in claims every working day. $347.4 million was paid for life policies (including terminal illness claims). TPD claims accounted for $132.3 million. $153.6 million was paid to income protection and business expenses claimants, and $38.8 million was paid in trauma claims.
The top two causes for claims across the four major insurance products were: Death: Cancer (37%), coronial investigation (15%) TPD: Musculoskeletal (43%), mental illness (14%) Trauma: Cancer (60%), cardio vascular (13%) Income protection: Musculoskeletal (45%), mental illness (13%)
Meanwhile, CommInsure has revealed it paid a total of $665 million in claims last year. Life claims made up $273.3 million and a further $150.3 million was paid for TPD claims. Income protection and Business Overheads cover claimants received a combined total of $166 million, while a little over $75 million was paid out for trauma insurance claims.