Insurance Insights

2011 Insurance Claims

In 2011 an enormous $3.9 billion was paid to everyday working Australians to protect family lifestyles and assets and businesses from the devastating effects of death, illness and injuries. The breakdown of payments per type of insurance are as follows, as quoted by The Risk Store
$1,806,688,603 Term (death cover) with 18,197 individual claims
$629,004,646 TPD (disability) with 6,930 individual claims
$538,720,039 Trauma (critical illness) with 3,169 individual claims
$1,000,457,827 Income Protection with 34,056 individual claims
The total number of claims in 2011 was 62,681
The average $ per claim was $63,528
An average of $15.9 million was paid to Australians every working day in 2011.
Now think about this..........
Not one of these claimants expected to claim on their insurance. And if these claimants had not received $3.9 billion from insurance policies, they would have been left to their own resources to fund their requirements, certainly an unrealistic expectation.
This is not a one-off statistic: over the last 6 calendar years the total from the retail companies has added up to almost $19 billion paid to policyholders.
The individuals and their beneficiaries who have been involved in the above claims are thankful that insurance was in place and that in many of the cases they arranged their insurance through their adviser. Therefore plan for the unexpected and talk to an adviser today.
These statistics are the aggregate from the following companies:
AIA Australia  I  AMP  I  Asteron  I  AXA  I  BT  I  Comminsure  I  OnePath  I  Macquarie  I  MLC  I  TAL  I  Zurich
[These figures do not include all the vast amounts that are paid from superannuation funds, group insurance policies for early retirement due to illness, injury and death, so the reality is much more than shown here]
Information has been provided by, The Risk Store