Insights into Insurance Claims
The team at Sovereign has provided some interesting insights into insurance claims over the past year. We think it’s much more than just an interesting read, it’s a good reminder about the need to protect yourself and your family against the financial impacts of death, illness and disability. Len Elikhas, Chief Officer Product & Marketing at Sovereign provided the following commentary:
“About 45% of Sovereign’s claims related to life cover payments for those customers who died or became terminally ill. Half of these claims related to cancer, 15% to heart disease, and 10% due to stroke. Sadly, about 5% of claims related to suicide and this figure increases to 15% for those customers aged under 40.
Mental health is also a factor in around 25% of Sovereign’s income protection claims; on par with cancer and heart disease combined.
When it comes to health insurance, we paid about $70 million to support customers to access medical treatment. There continues to be a trend towards more effective and less invasive treatment options, particularly in the area of cancer care, which represents 15% of total claims. Gynaecological claims were also significant – representing about 22% of total claims for females.
Finally, we paid over $50 million in trauma claims to help customers recover from serious medical conditions. Modern trauma products today cover over 60 medical conditions and yet over 90% of claims continue to relate to cancer, heart disease, and stroke.
When we look at these numbers, it’s easy to see that insurance remains just as relevant today in protecting New Zealanders against the financial impacts of death, illness, and disability. Public health care and personal savings provide some measure of support but may not be sufficient to meet all of our needs or expectations.”
If you would like to determine whether the cover you have in place is appropriate to your needs, or if you have any other insurance queries please get in touch with Bridget Klinac on 021 977 924 or at email@example.com to arrange a free review. (Please note Bridget’s Disclosure Statement is available on request.)