The true value of insurance is revealed the day you need to make a claim and will be appreciated in the days, weeks and years that follow.
It might surprise you to see just how many claims are paid every year, what those claims are for and the amount of payment involved.
Insurance companies report their claims statistics on a regular basis which allows us to see and appreciate the financial security being provided to New Zealanders and their and families every day as a result of an unexpected death, sudden illness or injury.
In 2014, AMP paid out:
- $61.4 million in Life insurance and Terminal illness claims - 60% of which were for men and 40% for women
- $29.4 million in Trauma insurance claims - 51% of which were for men and 49% for women
- $16.3 million in Income Protection claims - 75% of which were for men and 25% for women
- $0.63 million in Total & Permanent Disability claims - 100% of which were for men
In the past 3 year (2012-2014) Fidelity Life paid out:
- $96.5 million in Life insurance and Terminal illness claims - 68% of which for men and 32% for women
- $51.9 million in Trauma insurance claims - 60% of which were for men and 40% for women
- $19.6 million in Income Protection claims - 80% of which were for men and 20% for women
In the year July 2012-June 2013, Asteron Life paid out:
- 19 million in Life insurance claims - 62% of which were for men and 38% for women
- 14.5 million in Trauma and Total & Permanent Disability claims - 50% of which were for men and 50% for women
- $8.2 million in Income Protection claims - 72% of which were for men and 28% for women
Some particular points of note across the claims statistics are that:
- The most common causes of Life claims are from cancer, illness and heart-related conditions
- Cancer is the most common cause of death for both men and women
- Cancer occurs more commonly in people aged between 45-64
- In 2012 their were 30,999 deaths in New Zealand and only 57% of Kiwi households had Life Insurance
- On average, someone dies in New Zealand every 18 minutes
- 1 person in New Zealand dies every 90 minutes from coronary heart disease
- 24 New Zealanders have a stroke each day
- There is an estimated 60,000 stroke survivors in New Zeland, many of whom are disabled and need daily support
- 1 in 9 men and 1 in 5 women will be disabled and off work for more than 12 months before the age of 65
- And finally, that while 98% of home owners have insured their homes and 95% of car owners have insured their cars, only 20% of New Zealanders have insured their income against illness or disability when "the ability to earn an income" is arguably our most important and valuable asset.
Making a claim
We know that if you're making a claim, it's usually happening at a pretty challenging and traumatic time. All insurance companies have dedicated teams to help through the claims process but we suggest that you contact us to begin with because we're here to make things easier and we'll be with you each step of the way.
Step 1 - Call us and tell us about your claim so that we can get things underway for you. We can either send you the forms you need to complete, you can visit us here if you'd like our help with that, or we'll come to you if that's what you prefer.
Step 2 - Complete a claim form and gather the other supporting documents that are going to be required eg a policy document.
Step 3 - We'll work with you to ensure that your insurance company receives everything they need to begin processing your claim and make payment as soon as possible.
How long does a personal insurance claim take to process?
Every claim is different but once your insurance company has received all the documents they need to approve the claim they will make payment as soon as possible. Most aim to do this within 5 working days of claim approval.
We can provide you with the number you need to call if you wish to speak with your insurer directly at any point in the process. Just give us a call here on 03 470 1030.