Life insurers paid more than $1.55 billion to Australians for life insurance claims for cancer in 2019


Tuesday 04 February 2020

The Financial Services Council (FSC) has released new life insurance claims data highlighting Australia’s ten most claimed cancers, as World Cancer Day is acknowledged around the globe.

FSC CEO Sally Loane said that the FSC was releasing this data so that Australians would understand the sheer volume and rates at which cancer affects the nation. “In the year to 30 June 2019, life insurance companies paid out more than $1.55 billion to Australians for life insurance claims for cancer,” Ms Loane said.

“The top 10 break down shows breast cancer claims are by far the most common, almost exclusively affecting women and occur at around double the rate of the most common cancer for men, prostate cancer. “The next most common are colon, lung and skin cancers.”

Source: FSC/KPMG data for the year to 30 June 2019 – claims rate per 100,000 people insured for Retail and Group
Life Insurance

“KPMG on behalf of the FSC provides in-depth analysis of the causes of life insurance claims – this data is unsurpassed anywhere else in the world for its granularity and timeliness,” Ms Loane said.

“We know cancer doesn’t discriminate and can change lives overnight. We urge all Australians to get in touch with their life insurer or superannuation trustee to find out what their life insurance covers if they’re not sure.”

Click here to see the FSC Press Release

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