Annual Life Insurance Claims Pass $9 Billion for First Time

The life insurance sector has continued to reach record levels of claims being paid with new data revealing claims payments during 2016 passed the $9 billion mark for the first time.

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The Risk Store Managing Director, Pete Wincott

This level exceeds the $6 billion paid in 2015 and is the 11th consecutive year that claims payments have climbed, according to online life insurance resource provider The Risk Store.

The Risk Store Managing Director, Pete Wincott, said the daily claim amount paid was more than $26 million and the number of claimants at 108,000 was also a record, increasing by nearly 20,000 over the 2015 figure of 89,300 claimants.

 

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