How life and health insurance are helping Kiwis

Every so often, insurance providers shed light on their claims data. This time, it was AIA’s turn. While AIA is among several insurers we work with, we believe their data offers valuable insights into the profound impact that life insurance can have on the lives of Kiwis.

Read on to learn more.

Some key highlights

Over 815,000 New Zealanders have AIA life or health insurance in place. Looking at their 2022 claims data, here are some highlights worth mentioning:

• Overall, AIA paid out $646.4 million in claims (93% of all claims submitted).
• Life insurance accounted for 42% of all claims ($233.8 million).
• $121.5 million were paid out in health claims, compared to $112 million in 2021.

Understanding the role of insurance

These numbers – just like claims data that other providers have shared in the past – go to show the importance of life and health cover as shields against unforeseen challenges.

While we hope never to use these safety nets, the peace of mind they provide cannot be overstated. It’s about ensuring that whatever happens, financial strains won’t add to the emotional distress of a health setback or loss.

And the impact of life and health insurance goes even beyond individual claimants. For example, a well-insured population alleviates the strain on the public healthcare system. When private health insurance helps handle a significant portion of healthcare costs, there’s more room in the public budget for other critical services and infrastructure.

And if people can get back on their feet faster, it also benefits New Zealand’s quality of life and our economy.