Aviva paid out over €90m in life and income protection claims in 2018
The Irish arm of insurance giant Aviva paid out over €90m in life-insurance and income-protection payouts last year, new figures show.
Almost 2,600 claimants received payments from the company, with cancer and heart conditions cited as the main source of claims across death benefit and specified illness claims. Orthopaedic conditions were the driver behind the bulk of income-protection claims.
Over €38.2m was paid in death-benefit claims throughout the year with cancer ranked as the highest cause of death. The largest claim paid out was valued at over €1.3m. The average age for death benefit claims was 67 years for women and 66 years for men.
Cancer also accounted for 70pc of all specified illness claims, amounting to a total of €12.7m. Among women, breast and other cancers accounted for 80pc of claims compared to 65pc among men. Cardiac conditions was second on the list at 20pc for both men and women. Stroke accounted for 7pc of claims.
Aviva supply chain manager Karen Gallagher said that the company regularly sees the "traumatic impact" unforeseen health events can have on families.
"Having protection in place can provide a genuine security blanket to allow families to focus on what really matters whether this is in the form of financial protection or access to our rehabilitation and support services," she said. Gallagher said that she anticipated cancer-related claims to continue growing in the coming years.
Aviva's statistics also found that back-related injuries were a major cause of long-term work absences, accounting for 31pc of claims and €13m worth of payouts.
Psychological claims, at 22pc, and cancer claims at 21pc, made up the top three. Neurological claims also made up for 8pc of income-protection claims. Over half of those claiming income protection were under the age of 50 with almost half and half split among men and women.
It follows results from Irish Life, which paid out more than €300m to 6,900 claimants last year. The company also cited a spike in cancer payouts, despite lower smoking levels. According to Irish Life, cancer claims were up 11pc. Average payments for life insurance claims was €75,556 and €56,787 for illness claims.
Sunday Indo Business