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|The Risk Store’s annual Australian life insurance industry claims paid statistics, highlighted the importance life insurance played in protecting Australian consumers and contributing to society.
“Despite the continuing mainstream media scrutiny of the Australian life industry’s claims handling, claims payments during 2016 exceeded the previous year significantly, with a total of over $9 billion dollars,” Wincott said.
“A record number of claimants received benefits and this is from only the key mainstream insurers. The full total including smaller niche players is therefore even more in both dollars and numbers,” he added.
Wincott said the statistics have also recorded for the first time the largest benefit amount paid for each product type and the oldest and youngest claimant paid for each product type, with the latter being a two year old.
“We hope these statistics provide encouragement to those people working within the industry, that their role does in the end make a significant difference to so many people’s lives, directly and indirectly,” Wincott said.