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Cancer dominates life claims for AIA NZ

AIA New Zealand paid $NZ244.1 million ($219 million) in cancer claims across all coverage categories last year, the insurer says in a report.

Cancer made up 60% of life insurance claim payments; 22% of health; 61% of trauma; 14% of income protection; and 18% of total permanent disability, according to AIA's Claims Compass report.

Breast cancer was the leading claim by illness type, at 33.4%, followed by melanoma and skin cancers (20.3%), bowel cancer (6.5%), prostate cancer (6%) and lung cancer (4.6%).

“The prevalence of these cancers highlights the critical importance of regular screening and taking preventative measures to manage your health and encouraging loved ones to do the same,” AIA NZ chief customer officer Angela Busby said. “Because while developing cancer might appear to be something that is beyond our control, we know that early detection is the best form of protection.

“Many cancers can be successfully treated if diagnosed early, with an estimated one in three people recovering in New Zealand.”

The insurer accepted 92% of all claims received last year and made $NZ734.8 million ($660.6 million) in benefit payments.

Life insurance accounted for 42% of claims, or $NZ263.5 million ($236 million), while $NZ143.1 million ($128.1 million) was paid in health claims.

AIA says it will release Claims Compass reports biannually.

Click here for the report.