5 claims statistics that prove insurance is worth it

One of the biggest myths when it comes to insurance (among many others) is that the insurance providers won’t pay out if you need to make a claim. However, as you’ll find out, this isn’t the case.

We’ve put together a few key claims statistics from some of the biggest insurance providers in New Zealand to help you understand that insurance really is worth it.

1. In 2021, Asteron Life paid out over $100 million in cover.

Over 93% of all of the insurance claims that were submitted were accepted, and almost 100% (99%) of all Life Insurance product claims were accepted.

2. Fidelity Life paid out 93% of all claims in their last financial year.

This came to a grand total of $142.9 million being paid out in claims to help those clients who needed it.

3. Resolution Life (formerly AMP) paid out over $200 million in claims in 2020

They supported their clients during their time of need, making a total of $201 million in claims payments.

4. Last year, Cigna accepted more than 93% of insurance claims.

This came to a total of $114.7 million in claims that was paid out to clients in need.

5. In 2021, AIA paid out a whopping $620.6 million in claims.

The insurance giant also accepted 94% of all claims they received last year.

As you can see, the myth that insurance companies don’t pay out isn’t as factual as people would have you believe. Many people can feel disgruntled that they are paying towards something they might never use - but if you don’t need to use your insurance, you should count yourself lucky!

It’s important to also understand that your premium isn’t really paying for other people’s claims. When you pay your insurance premiums, you’re paying for the risk that you yourself could have to make a claim someday.

If you have any questions about your insurance or want any more information on insurance claims, get in touch! We’re happy to help.