Do insurance claims get paid?
- AIA New Zealand paid out $829.6 million in claims in 2024, a $95 million increase from the previous year. This included significant payouts across life, health, and trauma insurance.
- Chubb Life paid 96% of all claims received in 2024, with cancer and musculoskeletal conditions being the most claimed for under different types of cover.
- Southern Cross total claims paid: $1.498 billion paid out in claims from $1.605 billion received in premiums. That’s 93.4 cents of every premium dollar returned to members, the highest payout rate in over a decade.
- Partners Life paid out over $250 million in claims for the year ending March 2024, with 93% of claims accepted, including payouts for life, trauma, income and disability, and private medical cover.
- Asteron Life paid out 97% of all trauma, life, and income protection claims between July 2023 and June 2024.
- Misunderstanding policy wording or exclusions
- Lack of support during the claims process
- Hearing isolated negative stories that don’t reflect the broader reality
This information is of a general nature and is not intended as personalised financial advice. RIVAL Wealth is a Financial Advice Provider (FAP) licenced by the Financial Markets Authority to provide financial advice. Our disclosure document is located at rivalwealth.co.nz or a written copy is available on request