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KPMG report provides insurance database
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| John Brodgen |
The Australian insurance and financial services industries now have a more detailed database upon which to base their analyses, following an investigation undertaken by KPMG on behalf of life insurance members of the Investment and Financial Services Association (IFSA).
The investigation, details of which were published this week, has revealed that the average claim in Australia over the period was $132,537, while smoking still represents a significant risk factor and that people living in the ACT are more likely to be a better risk candidate than those living in the other states and territories.
The depth of the KPMG investigation is underscored by the fact that it covered 14 companies and assessed 8.5 million lives insured and 16,418 claims from 2004 to 2006.
Commenting on the report, KPMG Actuaries director Hoa Bui said the special significance of the investigation was that the industry now had four years' of high quality data that could be used to update the Australian Insured Life Table.
He said the report confirmed a number of long-standing rating factors such as age, gender and smoking status.
IFSA chief executive John Brogden said the report would assist IFSA’s members to design and offer products that are more affordable and better tailored to their family and wealth protection requirements.
AUTHOR
Mike Taylor
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