PENSIONS INVESTMENTS LIFE INSURANCE This report is an analysis of the claims we paid in 2017. Although we paid €3.6 million in claims per week to people and families affected by illness and death in 2017, this report also highlights that most Irish families don’t have the level of cover they need. Let’s work together to change this. See inside for further details. ANNUAL PROTECTION CLAIMS REPORT 2017 Dermot Gaskin, Director of Brokerage Irish Life For Broker use only. This is not a customer document.
Transcript
PENSIONS INVESTMENTS LIFE INSURANCE
This report is an analysis of the claims we paid in 2017. Although we paid €3.6 million in claims per week to people and families affected by illness and death in 2017, this report also highlights that most Irish families don’t have the level of cover they need. Let’s work together to change this.
See inside for further details.
ANNUAL PROTECTION CLAIMS REPORT 2017
Dermot Gaskin,
Director of Brokerage
Irish Life
For Broker use only. This is not a customer document.
TOP LINE CLAIMS STATISTICS 2017
UNDER COVERED IRELAND
PERCEPTION V REALITY
MOST TRUSTED TO PAY CLAIMS
• €187.8 million paid to over 2,500 customers and their families affected by death, illness and injury
• Almost 1 in 3 of our death claims were for people aged 41 - 60, the prime age for parents to ensure they have cover in place
• 1 in 3 Specified Illness claims were for people aged under 50
• 25% of claims for those aged under 40, were as a result of an accident
• Cancer was the leading cause of death and illness in 2017
Most people Life Insurance is the financial security for their family if they die. But it also offers ‘living benefits’ that can help financially, if you were to suffer from a serious illness or get an injury which prevented you from working.
This report looks at claims paid to those who died, as well as claims paid for the living benefits of Life Insurance such as Specified Illness cover and Income Protection.
A recent study carried out with Coyne Research December 2017 showed these insights:
52%
41%
33%
17%
14%
8%
1in2
95%
3in10Irish adults have some form of Life Insurance – that’s 1.3 million people with no cover at all.
of our Life and Specified Illness claims were paid in 2017.We paid 98% of death claims, 90% of Specified Illness claims and 96% of malignant cancer specified illness cover claims.
Research above based on nationally representive sample of 1,000 adults.
Yet people in Ireland think only 51% of life insurance claims overall in Ireland are paid
parents with children have no life insurance
ONLY
IMAGE TO GO HEREDD’s TO SEND IN.
LIFE AND SPECIFIED ILLNESS
“We paid an average of €3.6 million a week last year to families across Ireland in 2017. In fact we paid 95% of life insurance and specified illness claims received last year. And yet we’ve seen from a study by Coyne Research (December 2017) that people in Ireland think that only half (51%) of life insurance claims overall are paid.
We need to make people aware of the benefits of life and specified Illness cover, as it can be a lifeline for families in times of difficulty. ”
Martin Duffy,
Head of Underwriting and Protection Claims,
Irish Life.
LIFE INSURANCE 2017 CLAIMS IN NUMBERS
Number of claims paid 1,689
Total amount paid out €129.7 million
Average age of claimant 63
Average claim amount €76,786
Average time from starting the plan to making a claim
17 years
KEY FACTS • Cancer was the biggest cause of Life
Insurance claims
• 25% of all Life Insurance claims for those under 40 were results of accidents
• 19 death claims were as a result of a Road Traffic Accident
GENDER VARIATIONS • Almost 2 in 3 death claims were for men and
just 1 in 3 for women
• 1 in 2 death claims were for cancer for women, versus 4 in 10 for men
• Five times more men died from heart related conditions compared to women
• 67 was the average age for men’s Life Insurance claims and 64 for women
ANALYSIS OF LIFE INSURANCE CLAIMS PAID
10% 42%
33%
6% 2%7% • Cancer (malignant)
• Heart Related
• Other
• Respiratory (specified severity)
• Stroke (permanent symptoms)
• Accident
SPECIFIED ILLNESS COVER CLAIMS IN NUMBERS
Number of claims paid 853
Total amount paid out €57.7 million
Average age of claimant 52
Average claim amount €62, 992
Average time from starting the plan to making a claim
12 years
KEY FACTS • 1 in 3 Specified Illness claims were
for people aged under 50
• Breast cancer was the main type of cancer for Specified Illness Cover claims
• 2 in every 3 of our Specified Illness claims were paid within 5 weeks of receiving the completed claim forms
GENDER VARIATIONS • 53% of claims were for men and
45% for women
• Malignant cancer was the main cause for Specified Illness claims for men and women (49% for men and 77% women).
• Prostate cancer was the leading cancer claim for men (19%), followed by lung cancer and colon cancer.
• Breast cancer was the leading cancer claim for women (39%), followed by colon cancer and ovarian cancer
• Heart related conditions were the cause of 5 times as many Specified Illness claims for men than women.
• 55 was average age for men’s specified illness claims and 51 for women
ANALYSIS OF SPECIFIED ILLNESS COVER CLAIMS PAID
20%
3%2%
7%6% 62%
• Cancer (malignant)
• Heart Related
• Permanent and Total Disablement / Loss of Independence
• Multiple sclerosis (persisting symptoms)
• Other
• Stroke (permanent symptoms)
“Last year over 950 people were able to return to work after getting the
benefit of income protection for their time in need. For those who are
unfortunately not able to return to work, it is great to know we are able to
provide financial comfort and security when they need it most, allowing
them more space to focus on their health.”
Number of claims paid 3,323
Total amount paid out €57 million
Average age of claimant 48
Average claim amount €22,659
KEY FACTS • Biggest cause of claims:
Mental health and Back pain/Musculoskeletal 920%) ,followed by Cancer at 17%
• Last 5 years has seen a small reduction in mental health claims– from 22% of claims in the period 2011-2014 to 20% for the period 2015-2017
• Injuries have largest rise over the period –8% of claims from 2011-2014 compared to 11% for 2015-2017.
• Cancer claims reduced from 19% to 17% in this same period.
GENDER VARIATIONS • The average age of claims for men was 49 years,
compared to 46 for women
• Mental health claims by men have seen a decrease from 24% in the period 2010- 2014, to 22% for 2015 to 2017
• Similarly, mental health claims for women dropped from 22% to 19% in the same periods.
The figures below are a combination of retail & corporate claims.
Providing Support to your customers:In 2017, as well as providing financial benefits - we also provided added benefits to help our customers with their recovery.
Almost 75 income protection customers consulted with our external rehabilitation and case manager partners, attending programmes such as CanSurvivor, Spring Back physiotherapy and mental health programmes to aid with their recovery from illness. So far 34 of these people have already returned to work and many will be finalising their programmes in early 2018.
Shane Goggin,
Senior Manager - Income Protection
INCOME PROTECTION CLAIMS IN NUMBERS
Source for all Statistics above is Irish Life 2017.
Irish Life Assurance plc is regulated by the Central Bank of Ireland.
ILA 12194 (REV 01-18)
For further information on our claims
talk to your account manager or visit bline.ie
See sample of our protection supports available for you
HELPING
COVER IRELAND
2017 CLAIMS
Irish Life Assurance plc is regulated by the Central Bank of Ireland.
Information correct as at January 2018.
ILA 6496 (REV 01-18)
PROTECTION INVESTMENTS LIFE INSURANCE
LIFE INSURANCE AND SPECIFIED ILLNESS
COVER CLAIMS PAID IN 2017
€187.8 MILLION paid in Life and Specified
Illness claims in 2017
25% of our Life Insurance
claims for accidental deaths
were for those aged under 40
49 was the average age
for accidental deaths for
the first time on record
95% of our Life and Specified Illness claims were paid
in 2017. Yet a in a recent survey by Coyne Research,
people think only 51% of life insurance claims overall in
Ireland are paid€
€76,000 was the average
amount paid for Life Insurance
Claims
and almost
€63,000 for
Specified Illness Cover €
JUST UNDER
€76,000 - the average amount
paid for Life Insurance claims - would
this last very long?
UNDER-COVERED IRELAND
Opportunities ahe
ad
OVER 2 in 5 intend to start Life
Insurance in 2018. Of these almost 1 in 2 have
kids under 18 - that’s 750,000 PARENTS!
1 in 2 Irish people have life insurance
Source of research:
Coyne Research December 2017 based on 1,000 adults.
?
€3.6 MILLION a week
across Ireland in 2017 paid on average to families
Specified Illness Cover (SIC)Life Insurance
1st BRAND
3X MORE
LIKELY
TO CHOOSE
1st CLASS SERVICE
91%
SATISFACTION
1st TRUSTED
TO PAY
CLAIMS IR
ELAN
D’S NO.1 LIFE INSURER*
*Irish Life is number 1 based on market share 2017
Trust in claims - Coyne Research 2017
Brand preferred versus our nearest competitor - Red C 2017
91% Satisfaction for protection new business 2017
64 51 67
55
Average age for female Life
Insurance claims is 64 and
51 for Specified Illness Cover
Average age for male
Life Insurance claims is 67 and
55 for Specified Illness Cover
Sligo
MayoRoscommon
Galway
Clare
Leitrim Cavan
Longford
Westmeath
Offaly
Tipperary
Limerick
Kerry Cork
Waterford
WexfordKilkenny
Carlow
WicklowKildare
Dublin
Meath
Louth
Laois
Monaghan
Donegal
LIFE: Claims: 44
Av. Age: 66
SIC: Claims: 35
Av. Age: 55
LIFE: Claims: 68
Av. Age: 60
SIC: Claims: 32
Av. Age: 51LIFE: Claims: 682
Av. Age: 65
SIC: Claims: 228
Av. Age: 52
LIFE: Claims: 78
Av. Age: 62
SIC: Claims: 33
Av. Age: 52 LIFE: Claims: 41
Av. Age: 62
SIC: Claims: 24
Av. Age: 48
LIFE: Claims: 25
Av. Age: 66
SIC: Claims: 10
Av. Age: 58
LIFE: Claims: 62
Av. Age: 61
SIC: Claims: 29
Av. Age: 52
LIFE: Claims: 23
Av. Age: 67
SIC: Claims: 22
Av. Age: 50
LIFE: Claims: 17
Av. Age: 57
SIC: Claims: 18
Av. Age: 53
LIFE: Claims: 24
Av. Age: 59
SIC: Claims: 18
Av. Age: 52
LIFE: Claims: 181
Av. Age: 65
SIC: Claims: 104
Av. Age: 53
LIFE: Claims: 33
Av. Age: 64
SIC: Claims: 16
Av. Age: 59
LIFE: Claims: 55
Av. Age: 62
SIC: Claims: 20
Av. Age: 53
LIFE: Claims: 57
Av. Age: 63
SIC: Claims: 30
Av. Age: 51
LIFE: Claims: 23
Av. Age: 61
SIC: Claims: 12
Av. Age: 53
LIFE: Claims: 54
Av. Age: 57
SIC: Claims: 36
Av. Age: 50
LIFE: Claims: 25
Av. Age: 64
SIC: Claims: 24
Av. Age: 49
LIFE: Claims: 20
Av. Age: 64
SIC: Claims: 18
Av. Age: 47
LIFE: Claims: 29
Av. Age: 53
SIC: Claims: 21
Av. Age: 57
LIFE: Claims: 11
Av. Age: 60
SIC: Claims: 14
Av. Age: 54
LIFE: Claims: 27
Av. Age: 67
SIC: Claims: 19
Av. Age: 55
LIFE: Claims: 14
Av. Age: 66
SIC: Claims: 7
Av. Age: 40
LIFE: Claims: 25
Av. Age: 56
SIC: Claims: 33
Av. Age: 53
LIFE: Claims: 7
Av. Age: 64
SIC: Claims: 9
Av. Age: 52
LIFE: Claims: 21
Av. Age: 56
SIC: Claims: 18
Av. Age: 52
LIFE: Claims: 32
Av. Age: 60
SIC: Claims: 20
Av. Age: 51HELPING
COVER
IRELAND
2017 CLAIMS
Irish Life Assurance plc is regulated by the Central Bank of Ireland.
Information correct as at January 2018.
ILA 6496 (REV 01-18)
PROTECTION INVESTMENTS LIFE INSURANCE
LIFE INSURANCE AND SPECIFIED ILLNESS
COVER CLAIMS PAID IN 2017
€187.8 MILLION paid in Life and Specified
Illness claims in 2017
25% of our Life Insurance
claims for accidental deaths
were for those aged under 40
49 was the average age
for accidental deaths for
the first time on record
95% of our Life and Specified Illness claims were paid
in 2017. Yet a in a recent survey by Coyne Research,
people think only 51% of life insurance claims overall in
Ireland are paid
€
€76,000 was the average
amount paid for Life Insurance
Claims
and almost
€63,000 for
Specified Illness Cover
€
JUST UNDER
€76,000 - the average amount
paid for Life Insurance claims - would
this last very long?
UNDER-COVERED IRELAND
Opportun
ities ahea
d
OVER
2 in 5 intend to start Life
Insurance in 2018. Of these almost 1 in 2 have
kids under 18 - that’s 750,000 PARENTS!
1 in 2 Irish people have life insurance
Source of research:
Coyne Research December 2017 based on 1,000 adults.
?
€3.6 MILLION a week
across Ireland in 2017 paid on average to families
Specified Illness Cover (SIC)
Life Insurance
1st
BRAND3X MORE
LIKELY
TO CHOOSE
1st CLASS
SERVICE
91%
SATISFACTION
1st
TRUSTED
TO PAY
CLAIMS
IRE
LAN
D’S
N
O.1 LIFE INSURER*
*Irish Life is number 1 based on market share 2017
Trust in claims - Coyne Research 2017
Brand preferred versus our nearest competitor - Red C 2017
91% Satisfaction for protection new business 2017
64
51 67
55
Average age for female Life
Insurance claims is 64 and
51 for Specified Illness Cover
Average age for male
Life Insurance claims is 67 and
55 for Specified Illness Cover
Sligo
Mayo Roscommon
Galway
Clare
LeitrimCavan
Longford
Westmeath
Offaly
Tipperary
Limerick
KerryCork
Waterford
Wexford
Kilkenny
Carlow
WicklowKildare
DublinMeath
Louth
Laois
Monaghan
Donegal
LIFE: Claims: 44
Av. Age: 66
SIC: Claims: 35
Av. Age: 55
LIFE: Claims: 68
Av. Age: 60
SIC: Claims: 32
Av. Age: 51
LIFE: Claims: 682
Av. Age: 65
SIC: Claims: 228
Av. Age: 52
LIFE: Claims: 78
Av. Age: 62
SIC: Claims: 33
Av. Age: 52 LIFE: Claims: 41
Av. Age: 62
SIC: Claims: 24
Av. Age: 48
LIFE: Claims: 25
Av. Age: 66
SIC: Claims: 10
Av. Age: 58
LIFE: Claims: 62
Av. Age: 61
SIC: Claims: 29
Av. Age: 52
LIFE: Claims: 23
Av. Age: 67
SIC: Claims: 22
Av. Age: 50
LIFE: Claims: 17
Av. Age: 57
SIC: Claims: 18
Av. Age: 53
LIFE: Claims: 24
Av. Age: 59
SIC: Claims: 18
Av. Age: 52
LIFE: Claims: 181
Av. Age: 65
SIC: Claims: 104
Av. Age: 53
LIFE: Claims: 33
Av. Age: 64
SIC: Claims: 16
Av. Age: 59
LIFE: Claims: 55
Av. Age: 62
SIC: Claims: 20
Av. Age: 53
LIFE: Claims: 57
Av. Age: 63
SIC: Claims: 30
Av. Age: 51
LIFE: Claims: 23
Av. Age: 61
SIC: Claims: 12
Av. Age: 53
LIFE: Claims: 54
Av. Age: 57
SIC: Claims: 36
Av. Age: 50
LIFE: Claims: 25
Av. Age: 64
SIC: Claims: 24
Av. Age: 49
LIFE: Claims: 20
Av. Age: 64
SIC: Claims: 18
Av. Age: 47
LIFE: Claims: 29
Av. Age: 53
SIC: Claims: 21
Av. Age: 57
LIFE: Claims: 11
Av. Age: 60
SIC: Claims: 14
Av. Age: 54
LIFE: Claims: 27
Av. Age: 67
SIC: Claims: 19
Av. Age: 55
LIFE: Claims: 14
Av. Age: 66
SIC: Claims: 7
Av. Age: 40
LIFE: Claims: 25
Av. Age: 56
SIC: Claims: 33
Av. Age: 53
LIFE: Claims: 7
Av. Age: 64
SIC: Claims: 9
Av. Age: 52
LIFE: Claims: 21
Av. Age: 56
SIC: Claims: 18
Av. Age: 52
LIFE: Claims: 32
Av. Age: 60
SIC: Claims: 20
Av. Age: 51
OUR SALES SUPPORTS
PENSIONS INVESTMENTS
LIFE INSURANCE
THE TOP 3 CAUSES OF
SPECIFIED ILLNESS COVER CLAIMS:
1. Malignant cancer
(predominantly prostate, lung and colon)
2. Heart related conditions
3. Stroke
THE TOP 3 CAUSES OFLIFE INSURANCE CLAIMS:
1. Cancer
2. Other*
3. Heart related conditions
Heart related conditions
accounted for OVER 5 TIMES as many male
specified illness cover
claims as female claims
Heart related conditions
accounted for OVER 5 TIMES as many male life
insurance claims as female
claims
MALE SPECIFIED ILLNESS COVER CLAIMS
53%% of all adult specified
illness cover claims
452Number of claims
paid
€66,920 Average claim paid
55Average age of
claimants
€633,500 Largest claim
MALE LIFE INSURANCE
CLAIMS
% of all adult life insurance claims
60%
Number of claims
paid1,018
Average claim paid €80,850
Average age of
claimants67
Largest claim €5,078,000
(Parkinson’s disease)
* Other examples include age related deaths with organ failure, pneumonia, dementia listed as the cause
(lung cancer)
CLAIMSCAREIRISH LIFE RETAIL CLAIMS - MALE CLAIMS 2017
ILA
115
40 (R
EV 0
1-18
)
Irish Life Assurance plc is regulated by the Central Bank of Ireland.
PENSIONS INVESTMENTS LIFE INSURANCE
* Other examples include age related deaths with organ failure, pneumonia, dementia listed as the cause Terms and conditions apply, please refer to the specific product booklets.
THE TOP 3 CAUSES OF SPECIFIED ILLNESS COVER CLAIMS:
1. Malignant cancer (predominantly breast, cervix and ovarian)2. Heart related conditions
3. Other*
THE TOP 3 CAUSES OFLIFE INSURANCE CLAIMS:1. Cancer2. Heart related conditions3. Respiratory (specified severity)
Malignant cancer accounted for almost 3 IN 4 female specified
illness claims but just under 1 in 2
male claims
Cancer accounted for over HALF of all female life insurance claims, but just under 4 in 10 male claims
FEMALE SPECIFIED ILLNESS COVER CLAIMS
45% % of all adult specified illness cover claims
380 Number of claims paid
€60,850 Average claim paid
51 Average age of claimants
€495,000 Largest claim
FEMALE LIFE INSURANCE CLAIMS% of all adult life insurance claims 35%
Number of claims paid 591
Average claim paid €79,415Average age of claimants 64
Largest claim €2,000,000(malignant breast cancer) (malignant breast cancer)
CLAIMSCAREIRISH LIFE RETAIL CLAIMS - FEMALE CLAIMS 2017
1st BRAND
3X MORE LIKELY
TO CHOOSE
1st CLASS
SERVICE91%
SATISFACTION
1st TRUSTED
TO PAY CLAIMS
IR
ELAN
D’S NO.1 LIFE INSURER*
1st BRAND
3X MORE LIKELY
TO CHOOSE
1st CLASS
SERVICE91%
SATISFACTION
1st TRUSTED
TO PAY CLAIMS
IR
ELAN
D’S NO.1 LIFE INSURER*
*Irish Life is number 1 based on market share 2017Trust in claims - Coyne Research 2017
Brand preferred versus our nearest competitor - Red C 201791% Satisfaction for protection new business 2017
