In 2023 Chubb Life paid 95% of all the claims it received, that’s two percentage points higher than for 2022 (93%) according to the firm’s previously published data.
Claims paid by the firm in 2023 covered:
- Cancer 52%
- Heart 11%
- Other organs 6%
- Others 31%
Comparing these figures with those published by the firm in August 2023 (covering 2022), cancer claims have risen one percentage point, heart claims are lower at 14%, and other organs were higher in 2022 at 9%.
For trauma claims made in 2023, the figures are:
- Cancer 65%
- Heart 25%
- Neurological 4%
- Others 6%
Paid cancer claims under the trauma section are higher in 2023 than in 2022, when it was 62%.
Turning to income protection claims…Top of the list is:
- Musculo-skeletal 67%
- Cancer 10%
- Mental health 9%
- Neurological 4%
- Others 10%
For TPD claims, musculo-skeletal made up 60%, neurological was 20%, and others also 20%.
Drilling down into life cover claims by age, 58% were for 40 to 59-year-olds (with 50-59 being the most common age range).
It is difficult to compare 2023’s life claims against 2022 as a different age range is used by the firm in published data. In 2022, 64% of life cover claims made to Chubb were for those aged 50 to 69.
A lower age group made up 62% of income cover claims, with 30 to 49-year-olds making the most claims. Those aged 40-59 accounted for 68% of trauma cover claims. And 80% of TPD claims were made by 40 to 59-year-olds.
Chubb Life claim stats 2023 (2022 is below)
Chubb Life claim stats 2022