Insurance Claims | Jameson Financial

Insurance Claims

For the cynics among us who believe that it’s a one-way street with insurance companies – think again. The payments by New Ireland Assurance on protection policies to customers in 2012 are striking. While the headline figure of €94 million is impressive, what’s most interesting is not only the county by county breakdown but also the breakdown by age of claimants.

First the headline figures: €65.5 million on death claims; €20.7 million on serious illness claims; €7.4 million on income protection; €800,000 on Hospital Cash benefits. Nobody would raise an eyebrow at the fact that 63% of Life Cover claims (i.e. lump sum payable in the event of death) were in the 60+ group. Payments in terms of age, however, for Serious Illness cover, Income Protection and Hospital Cash are quite staggering: most of the claims for these types of cover (where the claimant in all probability survives) were in the 30-49 age bracket. Here are some examples: taxi driver age 30 paid €300,000 when he underwent heart surgery; a 38 year old college lecturer suffered a severe head injury and has received €407,000; a 33 year old company director underwent a surgical procedure and was paid hospital cash benefit of €2500.

In terms of the county by county breakdown it’s no surprise that the most claims came from the most populated counties. Over €20 million was paid out in Dublin while €12 million, €2.6 million and €3.3 was paid out in Cork, Limerick and Galway respectively. At the other end of the scale, the amounts on claims paid were generally consonant with the lower population rates. Beginning with the least populated counties: Leitrim €450,000; Longford €850,000; Carlow €1.4 million; Monaghan €1.35m and so on. Cavan, however, for whatever reason was an exception. It ranks sixth in terms of lowest population and New Ireland paid its claimants €700,000.