The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released their latest life insurance claims data and information on claims-related disputes. The dates for claims is 1 January 2017 to 30 June 2017.
This release completes round two of the pilot phase, with one third, final round of data collection to come. The aim of this collection and reporting is to establish ongoing reporting with regular publishing of data to increase transparency of life insurer claims practices.
Key findings of the new data:
- Over 90 per cent of claims that go to decision are paid in the first instance
- Different products and distribution channels have different claims and disputes outcomes
- Ninety-seven per cent of death claims are paid in the first instance
- Eighty-four per cent of total and permanent disability claims are paid in the first instance
- Eighty-seven per cent of trauma claims are paid in the first instance