In 2024 Chubb Life paid 96% of all claims received, with cancer and musculo-skeletal conditions being the most claimed for under different types of cover.
In an update for advisers the insurer highlights both advice channel insights into claims and insights by age for each type of cover.
Under Advice Channel Insights it says the top conditions claimed for under Life Cover were:
- Cancer 46%
- Heart 13%
- Other organs 12%
- Neurological 8%
- Accidents 7%
- Others 14%
Under Trauma cover the top conditions were:
- Cancer 63%
- Heart 21%
- Neurological 7%
- Other organs 5%
- Accidents 2%
- Others 2%
Income Protection saw claims for:
- Musculo-skeletal 68%
- Cancer 8%
- Mental Health 8%
- Other organs 5%
- Neurological 4%
- Heart 4%
- Others 3%
And top conditions under TPD cover were:
- Musculo-skeletal 72%
- Neurological 14%
- Heart 14%
Chubb has also highlighted insights by age for claims, noting the data is based on claims paid in 2024 for its Assurance Extra, Assurance Extra Business, Business Assurance, Business Extra and Agribusiness Extra products:
- 66% of life cover claims paid were for 40-69 year olds; with 60-69 being the most common age range
- 66% of trauma cover claims paid were for 40-59 year olds which was the most common age range
- 63% of income cover claims paid were for 30-49 year olds with 30-39 being the most common age range
- 100% of TPD cover claims paid were for 30-59 year olds with 30-39 and 50-59 being the most common age ranges
Chubb Life’s illustrative graphic for its 2024 Claims Data also highlighted the age where the proportion of claims is greater against the different type of covers.