Rice Warner is pleased to announce that it has released its inaugural and unique industry study the Group Claims Experience Study 2015.
The Rice Warner Group Insurance 2010 to 2013 Industry Tables, combine data sourced from 16 large Australian superannuation funds. Rice Warner has devised market-leading benchmark statistics giving greater insight into key areas such as probabilities of claim, and for Income Protection, the probabilities of ceasing to claim.
We have over 140,000 claims and 5 million members enabling us to evaluate incidence rates, termination rates for Income Protection and claim notification patterns. This covers 43% of group insured lives.
The range of participating funds includes industry funds, master trusts and public sector funds. Participating funds remain anonymous and we have taken great care to ensure no fund is able to be identified through any results or insights.
Group insurance claims experience is a very complex area and the greater the available data volumes the more we are able to drill down to discover credible findings.
Our study has provided comprehensive coverage of:
- Detailed relativities of incidence rates and terminations rates.
- Statistics for claim reporting patterns across fund sectors, benefit types and occupation groups.
- New findings on the effect of claim reporting delays on Income Protection termination rates.
- For Income Protection, the probabilities of being on claim allowing for age and notification period.
- Full claim cause analysis across age groups, benefit types and trends over time.
We are confident our new results will make a positive difference by enabling more confident pricing decisions to be made, which benefits the whole industry.
For further information on how you can access our reports please email Simone Miller, simone.miller@ricewarner.com.
