TAL pays record claims
Life insurer TAL says it paid $2 billion in claims during the six months to September, a record for a half-year period in its history.
About 75% of the claims relate to living benefits, sums paid to customers living with or recovering from an injury or illness.
TAL says living benefit payments were driven by an increase in income protection and total and permanent disability (TPD) claims involving mental health conditions.
Post-traumatic stress disorder and depression accounted for 23% of all claims, followed by injuries and fractures and cancer, at 15% each.
Claims for mental health-related conditions have grown steadily over recent years, with mental health conditions surpassing cancer as the leading cause of claims in 2021/22, the life insurer says.
“People often think that life insurance provides payments to families when a loved one passes away, but in reality, the large majority of claims are paid to help TAL customers as they recover from an illness or injury,” Chief Claims Officer Jenny Oliver said.
She says TAL is always working to improve the claims process and experience for customers, its super fund partners and their members.
“This includes investing in digitising the right services to increase the speed and efficiency of the claims process, and increasing the integration between super fund partners, administrators and insurers, so claims can be paid faster.”
TAL has provided a list of the most common reasons for claims it received in the six months to September:
Mental health conditions 23%
Injury and fractures 15%
Musculoskeletal and connective tissue conditions 12%
Conditions of the circulatory system 9%
Conditions of the nervous system 6%
Conditions of the respiratory system 4%