Leading life insurer AIA NZ has launched the ‘AIA NZ Claims Compass’, a new report sharing claims data, which will be rolled out bi-annually. The first report revealed cancer is responsible for the highest number of AIA NZ insurance claims across all insurance categories.
AIA NZ paid out $133.9m in life insurance claims for cancer in 2023, with $244.1m paid in total cancer claims across all categories.AIA NZ Claims Compass covers claims data for the year ended 31 December 20231, highlighting the burden of disease and importance of preventative healthcare in New Zealand.
Top AIA NZ cancer claims in 2023
- Breast cancer 33.4%
- Melanoma and skin cancers 20.3%
- Bowel cancer 6.5%
- Prostate cancer 6%
- Lung cancer 4.6%
“Almost every New Zealander will have some experience with cancer throughout their lifetime – whether that’s personally or through a friend, neighbour or loved one. In 2023, a third of our cancer claims were for breast cancer, with melanoma and other skin cancers accounting for 20% of claims,” says Angela Busby, AIA NZ Chief Customer Officer.
“The prevalence of these cancers highlights the critical importance of regular screening and taking preventative measures to manage your health and encouraging loved ones to do the same.
“Because while developing cancer might appear to be something that is beyond our control, we know that early detection is the best form of protection. Many cancers can be successfully treated if diagnosed early, with an estimated one in three people recovering in New Zealand.2”
AIA NZ’s 5590+ report3 identifies five modifiable behaviours – smoking, poor nutrition, physical inactivity, excess alcohol consumption and our interaction with the environment – which lead to five non-communicable diseases (NCDs) – cancer, respiratory disease, cardiovascular disease, diabetes, and poor mental health – that account for 90% of deaths in Aotearoa New Zealand.
As the leading cause of death and serious illness in New Zealand4, cancer is the most prevalent NCD, with 71 people diagnosed with cancer every day in New Zealand.5
“Our claims data shows the case for investing in health promotion and prevention of cancer and other NCDs is stronger than ever. They’re the main cause of death and disability worldwide, yet the main risk factors associated with them are largely preventable,” says Angela.
Claims data signals burden on New Zealand health’s system
“As New Zealand’s largest life insurer, we help protect more than 800,000 New Zealanders. Our extensive claims data not only provides us with valuable insights into population health, but it signals where further support is needed to reduce the burden on New Zealand’s health system,” says Angela.
“Our vision is for New Zealand to become one of the healthiest and best protected nations in the world. That’s why we are proud to have accepted 92% of all claims received last year, with $734.8m paid6 to New Zealanders and their loved ones, providing financial support in their time of need.”
Life insurance accounted for 42%7, or $263.5m, of all claims, while $143.1m was paid in health claims.
AIA NZ’s 2023 claims data clearly demonstrates how the risk of serious illness significantly increases as New Zealanders get older. This is evident when comparing customers aged 20–29 ($16m+) to customers aged 50–59 ($197m+), where the chance of serious illness is significantly heightened.
“We believe insurance has the power to make a positive difference in people’s lives and understand that both preventative health and education play a crucial part in this. Comparing claims data across different age groups last year, we can see just how important it is to adopt healthy behaviours and take preventative steps to manage health, particularly as we age,” says Angela.
"At AIA NZ, we’re committed to helping people live Healthier Longer Better lives, by using our unique claims insights to design our own investments in preventative health measures for customers, relieving demand-side pressure on the public health system.
“AIA Vitality, our science-backed health and wellbeing programme, is the perfect example of how we have used our claims insights to design initiatives which better support our customers. The programme shows members how healthy they are, providing tools that encourage preventative steps to improve health and wellbeing, with rewards to motivate them on their journey,” Angela concludes.
