News that Asteron Life’s middle-aged policyholders are the largest cohort of IP claimants generated strong reader interest this week…
The latest figures from Asteron Life reveal the insurer paid out 97% of the trauma, life, and IP claims it received in the 12 months to 31 June 2024, its acceptance rate was more than 95% in each of the three categories.
In total, the firm paid out $112m in the year to 31 June, with $53.5m paid in life insurance, $34.1m in trauma policy payments, and $24.4m in monthly IP claims.
Accident or injury was the leading cause of claims, making up 53% of the monthly income cover claims in the period.
Asteron Life Executive Manager Claims and Customer Solutions, Seema Bangera, says customers claiming monthly income or IP cover had an average age of 45 (female) and 44 (male).
Mental health
The firm’s data also shows that while mental health claims are down slightly from their Covid peak, they are still above pre-Covid levels, and the severity and duration of mental health claims remains high.
The average duration of mental health claims was 8-12 months, while for new claims the average duration was around 6-8 months.
Bangera says mental health has become a secondary claim cause for many disability claims.