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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news