Shorter waiting periods and speed to claim are highly correlated to a person’s capacity to return to work faster, should they lodge a claim against their income protection policy as part of their Group risk insurance.
New statistical analysis by Rice Warner has revealed this and other key insights based on a study of 43 percent of all Australian Group risk insurance.
The study has given greater clarity to Australian risk insurers, Superannuation Funds and their insured members, in an area that has traditionally remained relatively under-researched and opaque.
The Rice Warner Group Insurance 2010 to 2013 Industry Tables, were released this week. The research combines data from 16 large Superannuation Funds, creating benchmark industry statistics for probabilities of claim and for Income Protection probabilities of ceasing to claim.
