Matt Paterson
Following the release of its ‘Cost of Care’ report, Zurich Financial Services Australia (Zurich) has published new analysis of its life insurance claims data[1], which found musculoskeletal conditions, cancer and mental health were the most claimed illnesses in 2023.
Musculoskeletal claims represented the highest volume at more than one third of all claims (34 per cent), followed by cancer (21 per cent), mental health (18 per cent) and cardiovascular conditions (9 per cent). The top conditions claimed were consistent with figures from 2022.
Cancer represented the highest average claim amount at $187,000, followed by cardiovascular claims at an average of $150,000, neurological claims at $144,000 and mental health at $118,000. Some of these conditions saw significant double digit average claim amount increases since 2022.
Data also revealed male customers were more likely to claim for musculoskeletal conditions than females, while females were more likely to claim for mental health conditions and cancer than males.
Matt Paterson, Chief Claims Officer at Zurich said: “Behind every claim is a person or family experiencing challenging times. We are proud to have supported more than 12,000 claiming customers in 2023 at a time when they needed us most.”
The analysis reflects similar trends found in Zurich’s ‘Cost of Care’ report, which also highlighted strong prevalence for mental health and musculoskeletal conditions, as well as significant lifetime costs to manage conditions such as cancer ($65,000 on average) and acute coronary events ($66,000 on average).
“Both Zurich’s claims data and ‘Cost of Care’ analysis highlight a growing need for Australians to prioritise resilience and prevention across their health and finances,” Mr Paterson said.
“This area will continue to be a strong focus for Zurich and the value we offer our customers, with data playing a key role in the continued evolution of these services.
Zurich claims data can be found at zurich.com.au/lifeclaims and OnePath claims data at onepath.com.au/lifeclaims.
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