News that AIA’s client base grew by 15,000 last year, and that 70% of the population is underinsured, generated significant interest among Riskinfo readers this week…
AIA NZ’s key statistics for the 2022 year show the business has grown with 815,000 Kiwis covered as at 31 December – 15,000 more than year end 2021.
Last year it accepted 93% of all claims received ($646.4m), that’s 1% down on the 2021 figure ($620.6m). Of all claims paid in 2022, 42% were for life ($233.8m), 1% down on the previous year.
A breakdown of death benefits paid show a rise in cancer and neurological claims:
- Cancer: 47% (2021: 44%)
- Heart: 15% (2021: 15%)
- Other: 11% (2021: 8%)
- Neurological: 9% (2021: 7%)
Health claims are valued at $121.5m (2021: $112m) and are made up of:
- Musculoskeletal: 23%
- Cancer: 19%
- Genito urinary: 14%
- Digestive: 13%
TPD claims are valued at $15.3m with 40% made by those aged 40 to 59 suffering musculoskeletal conditions, which can include osteoarthritis, rheumatoid arthritis, juvenile arthritis, back problems, and gout etc.
Other TPD claims include:
- Mental health, 17%
- Neurological, 19%
- Cancer 15%
The firm also paid $1.3m for rehabilitation programmes last year, a part of the firm’s 360 Care scheme.
Data referenced by AIA shows 70% of the population is underinsured, a slight improvement on 2021’s figure of 71%.
AIA’s 2021 data set is here.
The firm also planted a tree for every customer who passed away in 2022.