2 Comments 2 Commentsby Ksenia Stepanova
Heart conditions were the second-leading cause for both trauma (21%) and life cover (13%).
Musculoskeletal conditions accounted for most income protection and total permanent disability (TPD) claims, representing 68% of income protection claims and 72% of TPD claims. Mental health conditions accounted for 8% of income protection claims.
Life and trauma covers saw claims increase with age, while income protection peaked in the prime working years. TPD claims remained relatively consistent across middle-age working years.
Life cover claims peaked in the 60-69 age bracket, with 66% of all life cover claims paid to people aged 40-69.
Trauma claims were most common among 40-59 year-olds, representing 66% of all trauma payouts. Income protection claims skewed younger, with 63% paid to people aged 30-49, and the 30-39 bracket being the most common single age range.
100% of TPD claims were paid to 30-59 year-olds, with the 30-39 and 50-59 age brackets being the most common.
The claims statistics cover Chubb Life's advice channel products including Assurance Extra, Assurance Extra Business, Business Assurance, Business Extra and Agribusiness Extra policies.
The 96% claims payment rate represents all channels for Chubb Life in 2024.
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