More than $1.1 billion has been paid out in claims by Fidelity Life since 1973, says the firm. In the year to 30 June 2020 it paid almost $140 million in claims, and recorded a claim acceptance rate of 92 per cent – one percent higher than the previous year.
Recently-released figures show that in the 12 months to June the insurer accepted claims from almost 1,500 customers with the youngest aged 21, and the eldest being 100 years.
In the 2019 year it accepted 91 per cent of claims (1,800) totalling $125.7 million.
Cancer-related claims in the 2020 year accounted for 473 (32.4 per cent) of paid claims and were made up of:
- Life insurance, 204
- Trauma insurance, 112
- Income protection, 81
- Trauma multi, 76
There were 309 claims for muscle, limbs and joints, and 226 claims for cardiovascular issues.
Mental health claims totalled 36 in the 2020 year and of those six were due to anxiety and around half were related to depression. In the 2019 year the corresponding figure for total mental health claims was 49.
A spokesman for Fidelity Life said: “Fortunately the impact of Covid-19 hasn’t been as bad as we’d earlier feared – in fact, we’ve only received five Covid-19-related claims since the pandemic emerged.
“That said, many New Zealanders have suffered financial hardship due to a loss in income as a result of Covid-19, and to date we’re really pleased to have helped 630 of our customers keep their cover in place until they’re able to get back on their feet again.”
Download Fidelity Life’s 2020 Claims Paid report here.
|
Fidelity Life |
Year to June 2020 |
Year to June 2019 |
|
Total paid in claims |
$139.7 million |
$125.7 million |
|
Total claims accepted |
1,500 |
1,800 |
|
Acceptance rate |
92 per cent |
91 per cent |
|
Life |
468 |
702 |
|
Mental health |
36 |
49 |
|
Cancer |
473 |
465 |