APRA and ASIC publish latest data on life insurance claims and disputes
APRA’s Life Insurance Claims and Disputes Statistics publication presents the key industry and entity-level claims and disputes outcomes for 20 Australian life insurers writing direct business (i.e. excluding reinsurance).
Individual Advised | Individual Non-Advised | Group Super | Group Ordinary | |
---|---|---|---|---|
Cover Type | % admitted | % admitted | % admitted | % admitted |
Death | 96% | 88% | 98% | 99% |
TPD ^ | 87% | 59% | 88% | 68% |
Trauma | 87% | 87% | n/a | 100% |
DII ^ | 95% | 85% | 96% | 95% |
CCI ^ | n/a | 89% | n/a | * |
Funeral | n/a | 99% | n/a | n/a |
Accident | 19% | 82% | n/a | n/a |
(* In this publication, Group Ordinary CCI is masked as there was only one provider of this product, which reported fewer than 50 finalised claims).
Cover type | Individual Advised | Individual Non-Advised | Group Super | Group Ordinary |
---|---|---|---|---|
Death | 39% | 32% | 78% | 61% |
TPD | 45% | 28% | 71% | 25% |
Trauma | 62% | 40% | n/a | 94% |
DII # | 66% | 85% | 104% | 81% |
CCI | n/a | 26% | n/a | * |
Funeral | n/a | 23% | n/a | n/a |
Accident | 25% | 51% | n/a | n/a |
(# DII has recurring monthly payments. For the purposes of the reported claims ratio, total payments are approximated using an average 24-month payout period).
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.