2022 Claims and Disputes Statistics Report

Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.

Name Goes Here

APRA and ASIC have released the Life Insurance Claims and Disputes Statistics report for the period 1st Jan 2022 to 31st Dec 2022. The report provides valuable insights into the claims and dispute resolution processes of life insurance companies in Australia.

Key findings include:

• Advised clients had a higher success rate for claims compared to non-advised clients
• The claims paid ratio varied significantly across different insurance products, ranging from 18% to 109%
• The majority of claims were processed within six months, except for TPD claims where 30% took longer
• Income Protection and TPD had the highest dispute lodgement ratio
• TPD/Trauma had the highest percentage (7%) of disputes where the original decision was reversed
• Disputes were mainly resolved within 45 days, and reversals were primarily due to incorrect outcomes or additional information provided


You May Also Like…

Phenomenal Result For Income Protection Claim

Phenomenal Result For Income Protection Claim

An extra 3.3 year benefit payment of almost $300k for an Income Protection claim. Despite challenges, we secured a claim outcome that exceeded everyone’s expectations. Our clients were absolutely thrilled. This success story is a testament to the value of having an expert on your side when it comes to insurance claims.

read more
2022 Wrap-Up

2022 Wrap-Up

As we approach the end of 2022, it marks the first anniversary of Claims Advocacy, and I couldn’t be happier that I decided to take my passion for client advocacy in the specialised world of complex risk insurance claims. It is a challenging area that I have always loved immensely …

read more