The life insurance industry in Australia paid out more than A$12bn ($8.7bn) to 101,821 Aussies and their families during 2019, according to data released by the Financial Services Council (FSC) as part of activities during Life Insurance Awareness Week last week. Income Protection/Disability Income insurance payouts accounted for more than a third of the total sum paid.
International professional services firm KPMG on behalf of the FSC provides in-depth analysis of the causes of life insurance claims, particularly for Australians of working age.

Data for 2019 show:


For death cover there were 13.4m covers in force, 97% of lodged claims were paid with the total amount paid being A$3.6bn. The highest cause of claim was cancer at 43%;


For Total and Permanent Disability (TPD) there were 11.1m covers in force, 90% of lodged claims were paid with the total amount paid being A$2.6bn. The highest cause of claim was mental health at 25%;


For Income Protection/Disability Income there were 5.8m covers in force, 95% of lodged claims were paid with the total amount paid being A$4.3bn. The highest cause of claim was accidents at 33%;


For Trauma insurance there were 1.1m covers in force, 86% of lodged claims were paid, with the total amount paid being A$1.1bn. The highest cause of claim was for cancer at 58%.

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