Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Personal Insurance Claims Maintain Support for Kiwis

Personal Insurance Claims Maintain Support for New Zealanders


The amount paid out in claims by the personal insurance industry (life and income protection insurance) in the year ending June 2014 was $1,096,617,000 maintaining the support the industry provides to New Zealanders.

FSC Chief Executive Peter Neilson today released the industry statistics for the year to 30 June 2014, noting that claim payments for individual income replacement benefits had increased by 3.6% to $107,325,000 for the year and payments for trauma benefits had increased 2.6% to $134,291,000.

In the same period claims made on the death of policyholders covered by individual term policies fell back by 2.8 % to $410,700,000 while death & disablement, replacement income and trauma claims under group policies increased by a total of almost 1% (0.8%) to $20,416,000.

Payments made on trauma policies are now the largest category of claim by a significant margin. Trauma benefits have been welcomed by policyholders as a way of gaining security and protecting their families in the event that they are diagnosed with a serious ailment, such as stroke, cancer or heart attack.

These policies, also known as critical care benefits (and previously as “dread disease”) pay a benefit upon diagnosis which allows the policyholder to take time out of the workforce during treatment and recovery.

In the 5 years to 30 June 2014 the number of individual trauma benefits in force has increased 43% to 623,629 and annual premium income from trauma benefits has increased 75%, an indication that their value is recognised.

Income replacement policies also remain popular with 530,931 individual benefits in force as at 30 June 2014, an increase of 28% over the past 5 years.

These benefits cover the greatest area of vulnerability for New Zealand families as most New Zealand two income families would be ineligible for a sickness benefit if they were off work for an extended period, because of the family income test. Many New Zealanders don’t realise that they are two times more likely to be unable to work for six months or more following a major health problem compared with being off work for six months following an accident covered by ACC.

The FSC Quarterly statistics are available on the FSC website www.fsc.org.nz .

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news