Life insurance claims data reveals striking differences in genders
/The Financial Services Council (FSC) has released its life insurance data relating to claims. According to the data, cancer still kills the most Australians, while women are more likely to claim income protection for mental health reasons.
The data, provided by KPMG, reveals some key differences biologically speaking between men and women. The analysis was completed by KPMG from 2019 data in regards to the cause of life insurance claims in working-age Australian claimants.
Key findings include:
Top cause of death claims in men and women is cancer (39 per cent of all death claims for men, 61 per cent of all death claims for women)
Twenty-nine per cent of all life insurance claims were for breast cancer, then colon cancer (15 per cent), and lung cancer (14 per cent)
Insured men are second-most likely to die in an accident (20 per cent), while accidents only account for seven per cent of insured women’s deaths (third major cause of death)
In total and permanent disability (TPD) claims, mental health claims are at the top of the list for both men (24 per cent) and women (27 per cent)
In TPD, accidents were the second greatest cause of claims in men (17 per cent), with women’s accidents placed fifth (11 per cent)
In income protection claims, accidents were the top cause in both men (38 per cent) and women (28 per cent)
Women are most likely to make an income protection claim for mental health reasons (22 per cent), with men only claiming 10 per cent
The project is run by the FSC and KPMG life insurance data project with data from APRA.
