Life Insurer of the Year Achieves 97% claims payout rate

Accidents and injuries were the primary cause of claims in both Monthly Income Protection and Trauma cover, making up 53% of Monthly Income Protection claims.

Seema Bangera, Asteron Life’s Executive Manager of Claims and Customer Solutions, highlighted that the average age of customers claiming Income Protection was 45 for women and 44 for men. She emphasized the critical role of Income Protection insurance, which provides essential financial support when customers experience temporary or permanent income loss due to illness or injury.

The data also highlights the value of Income Protection insurance for individuals in their prime earning years, often facing significant career and family milestones. With accidental injuries being a leading cause of claims, these policies help customers maintain financial stability during challenging times.

Asteron Life’s data also revealed that while mental health claims have slightly decreased from the pandemic’s peak, they remain higher than pre-COVID levels. The duration and severity of mental health claims continue to be a concern, with the average claim duration ranging from 8-12 months, compared to 6-8 months for other claims. Bangera noted that mental health has become a secondary cause for many disability claims, stressing the importance of early intervention and rehabilitation for better return-to-work outcomes. She emphasized that supporting clients' mental wellbeing is key to helping them regain resilience and successfully return to work.