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Zurich releases 2023 life claims analysis
24 June 2024
Following the release of its ‘Cost of Care’ report, Zurich Financial Services Australia (Zurich) has published new analysis of its life insurance claims data*, 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.
Access the full Cost of Care report here.
-ENDS-
*Retail, direct and group insurance customers, inclusive of OnePath
Attachment 1
| Condition | Total claims |
|---|---|
| 1. Musculoskeletal | 4147 (34%) |
| 2. Cancer | 2537 (21%) |
| 3. Mental health | 2164 (18%) |
| 4. Cardiovascular | 1048 (9%) |
| 5. Other sickness | 810 (7%) |
| Condition | Prevalence (total reported cases) |
|---|---|
| 1. Mental health | 12,000,000 (2020-2022) |
| 2. COVID-19 | 11,000,000 (2020-2023) |
| 3. Musculoskeletal | 7,480,000 (2022) |
| 4. Kidney & diabetes | 4,000,000 (2023) |
| 5. Respiratory | 3,338,100 (2022) |
| Condition | Average claim amount |
|---|---|
| 1. Cancer | $187,000 |
| 2. Cardiovascular | $150,000 |
| 3. Neurological | $144,000 |
| 4. Mental health | $118,000 |
| 5. Musculoskeletal | $85,000 |
| Condition | Lifetime cost (average) |
|---|---|
| 1. Injury (spinal cord) | $6.8m - 12.9m |
| 2. Childhood cancer | $1,090,000 |
| 3. Motor Neurone Disease | $210,340 |
| 4. Parkinson’s disease | $190,700 |
| 5. Diabetes type 1 | $143,000 |
Zurich Financial Services Australia is a life insurance, commercial insurance and investments specialist that has been participating in the Australian market since 1920. Since its acquisition of OnePath Life from ANZ in 2019, the company provides life insurance to more than 1.5 million Australian customers under both the Zurich and OnePath Life brands. Further information about Zurich Financial Services Australia is available at www.zurich.com.au.
Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.
Reflecting its purpose to ‘create a brighter future together’, Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.
The Group has about 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.