Asteron Life paid out 97% of claims
Asteron Life paid out 97% of the Trauma, Life and Income Protection claims it received in the year ended June 30 2024. In total, Asteron Life paid out $112 million of claims, with $53.5 million being paid out for Life Insurance, $34.1 million in Trauma policy payments and $24.4 million in Monthly Income Protection cover claims.
Accident or Injury was the leading cause of claims, for both Monthly Income cover and Trauma cover. Mental Health claims duration remains high, with an average duration of 8 - 12 months, compared to other new claims where the average duration was around 6 - 8 months. Executive Manager Claims and Customer Solutions, Seema Bangera, said
“Return to work outcomes are directly related to early intervention and rehabilitation. This means the mental wellbeing of customers needs to be at the forefront for claims specialists and we need to ensure all clients have the necessary support building their personal resilience for their return-to-work journeys.”
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