Confidence in Life Insurer Claims Payments Remains High

People’s confidence in having their claim paid remains high as 2018 commences.

Margaret Rochford

12 February 2018 - 5 minute read

There has been a lot of media coverage in the past year about the Life Insurance industry, much of it very negative and about claims being declined. So it’s good to see that people’s confidence in having their claim paid remains high as 2018 commences.

Our research reveals that of all respondents with Life or Income Protection cover, 59% are either “reasonably confident”, “confident” or “very confident”  that their claim payment would be made, with 11.8% “Not confident at all”.

NobleOak Life Limited: Pureprofile Survey – December 2017. 1,006 respondents.

Life insurers provide an invaluable service to Australians when they need help the most.  It’s reassuring that confidence in the Life insurance industry remains high despite some recent negative press.

In fact, Life insurance companies paid out a total of just over $8.2 billion in claims in 2016, so there are no doubt claims are being paid. That’s around $22.4 million in claims every single day!

The industry still has some work to do to achieve 100% consumer confidence however.

Sources:

Pureprofile Research December 2017

2016 ASIC Life insurance claims: An industry review