- Risk Insurance Advisor Steve O’Connor helps people ensure they have the right insurance cover when they need it most.
Here are interesting statistics from insurance claims data for 2023/2024, provided by one of New Zealand’s largest risk insurers.
Life insurance claims: Over 60 per cent of claims on life insurance were for cancer. Most claims were for those aged 50 to 59.
Health insurance claims: Claims on health insurance increased by over 14 per cent. This reflects a significant growth in healthcare demand. The rise is further linked to the rising costs of healthcare.
Trauma cover claims: Most claims for trauma cover were for cancer. Breast cancer was the most common type of cancer claim.
Income protection claims: Musculo skeletal (bones, muscles, joints, ligaments, tendons, cartilage, and other connective tissues that gives the body structure, stability, and movement) and mental health made up over 50 per cent of claims. Mental health is one of the top reasons stopping Kiwis from working in 2023/2024. Claims were highest in the 40-49 age bracket.
Risk insurance serves as a vital financial safety net, designed to protect your family and loved ones in the face of accidents, illnesses, or premature death. Ask yourself: Would your family be financially prepared for the shock of such an event?
When applying for risk insurance, your application undergoes assessment by the insurer’s underwriting team. They evaluate your risk profile and provide an “offer of terms” accordingly. Key factors influencing your premiums include your age, health, and occupational risks.
Preparation is key: Having insurance means being financially equipped for the unexpected.
And if you never have to make a claim, isn’t that the best outcome?
- Contact Steve O’Connor on phone 021 862 330, or at email steve.oconnor@insurance-market.co.nz
