The prudential regulator has released annual claim and dispute data for the life sector, with distribution channel and company breakdowns.

Among individual advised products, 3185 death claims were received last year. There were 3255 for total and permanent disability, 5049 for trauma, 9226 for disability income and 40 for accident.

For individual non-advised products, there were 1569 death claims, 128 for TPD, 959 for trauma, 1801 for disability income, 1490 for consumer credit insurance, 15,532 for funeral and 2476 for accident.

For group superannuation products, there were 12,927 death claims, 30,660 for TPD and 26,641 for disability income. For “group ordinary”, there were 484 death claims, 126 for TPD 21 for trauma and 3151 for disability income.

Claims paid ratio data for death cover shows 81% for group super, 78% for group ordinary, 44% for individual advised and 34% for individual non-advised.

Across all distribution channels, 77% of death claims are processed within two weeks and 17% from two weeks to two months.

For TPD, 19% are processed within two weeks, 26% from two weeks to two months, 37% between two months and six months, 13% from six months to 12 months, and 5% longer than a year.

In the individual advised channel there were 172 death disputes lodged, 810 for TPD, 351 for trauma, 1987 for disability income and 11 for accident.

In individual non-advised, death disputes totalled 108, while there were 29 for TPD, 45 for trauma, 366 for disability income, 68 for consumer credit insurance, 304 for funeral and 121 for accident.

Group super disputes comprised 104 for death, 2293 for TPD and 2896 for disability income, while for group ordinary there were five for death, 11 for TPD, three for trauma and 178 for disability income.

Across all channels, 89% of death disputes are resolved within 45 days, while for TPD, 82% are resolved within that time frame.

The Australian Prudential Regulation Authority lists 17 entities that submitted data for the December publication. The report is released twice a year, reflecting the 12-month period up to the reporting date.

Click here for the statistics.