APRA and ASIC Publish Latest Data on Life Insurance Claims and Disputes – December 2022

SYDNEY, Australia, April 18 (TNSres) --The Australian Prudential Regulation Authority issued the following news release on April 17, 2023:

The Australian Prudential Regulation Authority (APRA) has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 January 2022 to 31 December 2022.

APRA's Life Insurance Claims and Disputes Statistics publication presents the key industry and entity-level claims and disputes outcomes for 17 Australian life insurers writing direct business (i.e. excluding reinsurance).

ASIC's MoneySmart Life insurance claims comparison tool has been updated with the latest data. The online tool compares insurers across cover types and distribution channels on four metrics - the percentage of claims accepted, the length of time taken to pay claims, the number of disputes and the policy cancellation rates.

This publication is available on the APRA website at: Life insurance claims and disputes statistics (https://www.apra.gov.au/life-insurance-claims-and-disputes-statistics).

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Original text here: https://www.apra.gov.au/news-and-publications/apra-and-asic-publish-latest-data-on-life-insurance-claims-and-disputes-6