$12.5m in death claims from Christchurch quake
The life insurance industry paid out more than $12.5 million on 63 death claims as a result of the February 22 earthquake in Christchurch.
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The life insurance industry paid out more than $12.5 million on 63 death claims as a result of the February 22 earthquake in Christchurch.
The Investment Savings&Insurance Association (ISI) said the average payment was $199,000.
As well as death claims, 180 claims were accepted for redundancy, 16 for income protection and two for trauma or total permanent disability. Those payments were expected to top $1m.
ISI chief executive Peter Neilson said there seemed to be a perception among some people that insurers looked for ways to avoid paying any claims but the 63 life insurance payments proved that was not true.
Overall, death claims had risen 3.2 percent in the March quarter, while in-force premiums grew at the lowest quarterly rate since March 2009, lifting only 1 percent.
That was not unexpected, Mr Neilson said.
"When you have such a massive disaster in New Zealand's second largest city, combined with reducing real incomes, it is inevitable that this will have an impact on sales growth.
"Hopefully the February earthquake will help more people to realise that life insurance can be an important part of their family's financial protection, and that they can trust their life insurer will be there for their family when tragedy strikes."
NZPA
Thu, 26 May 2011
Thu, 26 May 2011
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$12.5m in death claims from Christchurch quake
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