GITNUX MARKETDATA REPORT 2024

Life Insurance Claims Statistics [Fresh Research]

With sources from: thisismoney.co.uk, lifeinsurancefinder.com.au, thehindubusinessline.com, forbes.com and many more

In this post, we explore a variety of intriguing statistics related to life insurance claims from various countries around the world. From the high percentage of paid claims in the U.S. to the reasons behind denied claims in the UK, these statistics shed light on the dynamics of the life insurance industry and the experiences of policyholders and beneficiaries.

Statistic 1

"Approximately 94.9% of US life insurance claims were paid out in 2019."

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Statistic 2

"In 2017, life insurance companies paid out over $860 billion in policy benefits."

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Statistic 3

"Nearly half of all denied life insurance claims in the UK were due to non-disclosure of medical history."

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Statistic 4

"92% of ICU hospitalization insurance claims with life insurance were due to COVID-19 in India in 2020."

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Statistic 5

"As of 2021, about 5% of life insurance policies in Australia resulted in a claim."

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Statistic 6

"In 2016, 1/3 of all the claims received by life insurance companies in the UK were for terminal illness cases."

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Statistic 7

"In the US in 2015, about 75% of total Disability Income insurance claims paid were for those aged 50 and over."

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Statistic 8

"In Australia, the average age for life insurance claims for males in 2019 was 59."

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Statistic 9

"In 2020, 90% of life insurance claims submitted by customers of Old Mutual were paid out, amounting to over R10 billion."

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Statistic 10

"The U.S life insurance industry has over $5.8 trillion in life insurance policy reserves."

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Statistic 11

"Nearly 7.5 million policyholders surrendered their life insurance policies in 2018, amounting to over $57 billion in cash surrender value in the U.S."

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Statistic 12

"In India, as of January 2021, 96.4% percent of claims settled were individual death claims."

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Statistic 13

"Life insurance beneficiaries in South Africa received over R16.7 billion in 2020."

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Statistic 14

"In 2020, Legal & General paid on 97% of its life insurance claims in the UK."

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Statistic 15

"In 2019, South Africa saw denial of claims due to misrepresentation and non-disclosure equal to 3.7% of total claims."

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Statistic 16

"In 2020, 98.4% of death claims were settled by private life insurers in India."

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Interpretation

The statistics presented regarding life insurance claims provide valuable insights into the industry's trends and patterns across different countries. The high payout rates in the US and South Africa, the significant amount of benefits paid out by insurance companies, and the specific reasons for claim denials highlight the importance of transparency and accurate disclosure in insurance policies. Additionally, the age demographics of claimants in various countries and the proportion of claims related to specific causes, such as COVID-19 in India, showcase the diversity of factors affecting life insurance claims worldwide. Overall, these statistics emphasize the critical role of life insurance in providing financial security and support to individuals and their loved ones during challenging times.

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