What the statistics say about Personal Insurance Payouts

"I see my role if needed as a financial mentor but one who can show warmth, practicality and empathy."
-Katherine Hann
January 30, 2018

What the statistics say about Personal Insurance Payouts

By Katherine Hann

What the statistics say about Personal Insurance Payouts

Stories relating to claims not being paid out are common in the media, and are often a cause for people opting out of personal insurance.

ASIC (the Australian Securities and Investments Commission) who is the watchdog of the financial services sector conducted their latest review into the
industry in 2016, and have presented us with the facts.

ASIC’s review examined 15 insurers covering more than 90 per cent of the market. Please see the infographic here and a summary of their findings here.

The most common types of disputes were about the evidence insurers require when assessing claims, and delays in claims handling. 

However, it was found that 90% of claims were paid out.

Of the delays and claims not paid out, most were direct or group insurance policies where no financial advice was provided. 

If you need insurance and you need to filter through which insurers give you the best options for your
personal situation, it is worth seeking advice. Insuring yourself is important, make sure you have the right insurance and a financial adviser that
can help you at claim time.

If you want to talk to someone about insurance or have any questions please give me a call on 8299 9927 or email katherinehann@internode.on.net