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Life insurance industry payouts top a $1 billion, premiums rise faster

approvalsLife insurers have paid out more than $1 billion in claims for a fifth year in a row.

But the rise in payouts has been outstripped by rising premiums for certain kinds of insurance.

Financial Services Council (chief executive Peter Neilson said its members had paid out $1.13b (FSC) in claims in the year to June 30, including claims on life insurance and income protection policies.

Since 2011 annual life insurance premiums paid have increased from $835m to $1.01b in 2014, FSC statistics show.

Trauma and income protection have also seen premiums rising faster than claims paid.

Replacement income claims were just over $17m higher in 2014 than in 2011.

Insurance coverage remained patchy with three-quarters of households not insured against the threat of serious illness, Neilson said.

Real Estate Investar Editor
Real Estate Investar Editor
Real Estate Investar provides intelligent software, tools and data to help you save time and make money in the residential property investment market.

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