AIA release Claims Compass Report
AIA have released their second Claims Compass Report, covering data for the year ended 31 December 2024. AIA have over 797,000 Kiwi protected and accept 92% of all claims received.
In 2024, AIA paid out $829.6 million in claims, up $95 million on the previous year. Life accounted for 41% of all claims paid ($298.1 million), followed by Health ($167 million), Trauma ($139.5 million), Income Protection ($97.2 million) and Total Permanent Disablement ($23.9 million).
Life claims were up $34.6 million, Health claims were up $23.9 million and Trauma claims were up $22.4 million on the previous year. Increases in claims were put down to the combined impact of insurance levels increasing alongside inflation, more innovative treatment options with higher costs than established treatments, and growing demand for health services due to an aging population and growth in chronic diseases.
AIA NZ Chief Customer Officer, Maddie Sherlock said
“In New Zealand, we have observed increased rates of heart disease, cancer, diabetes, and poor mental health, brought about by worsening lifestyle factors such as diet and lack of exercise. These worsening public health trends lead to a higher demand for health services, which puts upward pressure on private health claims.”
AIA have shone a spotlight on mental health. In 2024 $25.7 million was paid out towards mental health related claims, and $8.1 million for suicide claims. Mental health claims were highest for men aged 40 and 49 ($6.4 million), followed by men aged 50 – 59 (5.6 million). Sherlock said
“This big jump in claims for this age group reflects their life stage which is likely to be impacted by the weight of increased family, financial and professional responsibility and high demands upon their time.”
“This is the age where your overall health starts to be impacted by your nutrition, sleep and activity levels versus when you were younger. And your risk of lifestyle diseases increases. These changes can of course impact your confidence and overall mental wellbeing.”
The top AIA NZ mental health claims in 2024 were:
Depressive disorders 44%
Anxiety / panic disorders 14%
Post Traumatic Stress Disorder 4%
Chronic Fatigue Syndrome 3%
Chronic Pain Syndrome 2%
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