Produced by the Financial Services Council (FSC) and KPMG Australia, the research looked at the likelihood of disability insurance claims across a range of client demographics. In particular, the report found that 45 year old females are 94% more likely to make a claim due to sickness than their male counterparts, but 22% less likely to make a claim due to accident than males in white collar occupations.
Other key findings from the research include:
A person who has held a policy for 10 years or more is 50% more likely to make a claim than a person who has held a policy for less than 1 year
Male white collar smokers are 50% more likely to claim due to sickness than male white collar non-smokers
Smokers are 12% less likely to return to work than non-smokers
The data forms part of a new Disability Income Table (ADI 2007-2011), an actuarial tool used by life companies to determine policy pricing. The Disability Income Table was last updated 20 years ago, and comprises extensive data and analysis based on more than 30,000 claims made between 2007 and 2011.
For the first time, the impact of policy duration, benefit period and cause of claim (such as mental illness, nervous disorder and musculoskeletal) are quantified within the table.