Most reader engagement this week centred on our report about the increase in cancer claims made to AIA in 2023…
AIA accepted fewer claims last year according to just-published data. In 2023 it accepted 92% of all claims, one percentage point lower than in 2022 (93%). In 2021 it paid 94% of claims. However, it paid $734m to clients last year, up $88m on 2022 ($646m).
Payments for life claims made up the largest single amount at $263m ($233m 2022), health follows at $143m ($121m 2022), and trauma claims for the year totalled $117m ($111m 2022).
Of the life claims paid in the 2023 calendar year, cancer topped the list of causes at 60%, indicating a jump in such claims as they stood at 44% in 2021 and 47% in 2022. Most claims on life policies were for those aged 50 to 59.
AIA’s data also shows health claims rose 6% last year with musculo skeletal making up a quarter of all health claims. Cancer treatments accounted for 22% of health insurance claims, with digestive issues 14%.
For trauma claims, breast cancer was the most common claim at 61% (59% 2022), tying in with the rise in cancer-related life insurance claims.
More than $16m was paid in relation to 20 to 29-year-olds, with $2.6m for life policies.
All claims for 30 to 39-year-olds was more than $58m of which $4.7m was for life claims related to cancer. The total value of life claims for this age bracket was $15.7m for the year, $12.2m for health, trauma $15m, and income protection $14.7m.
Claims for those aged 40 to 49 was more than $127m, but by far the largest amount paid by AIA in 2023 was in relation to the group aged 50 to 59 which cost the firm $197m. Here, $87m was for life claims, $34m health, trauma, $39m, and TPD $8m.
More than $139m was paid in relation to those aged 60 to 69, and $71m for those aged 70 and over.
The firm says mental health was one of the top reasons Kiwis didn’t work in 2023 with almost $2.4m paid in related claims under TPD policies.
AIA has more than 800,000 clients, 15,000 fewer than in 2022 (800,000 in 2021).
Download AIA claims paid data for 2023, 2022, and 2021.
Below: three years of claims data from AIA NZ.
