FSC sheds light on cancer impact

New life insurance claims data shows the impact cancer continues to have on the lives of Australians, with more than $1.5 billion paid out in the last financial year.

According to data produced in partnership between the Financial Services Council and KPMG, Australia's life insurers paid out around $1.55 billion in claims associated with cancer in the year to 30 June  2019.

Claims made as a result of breast cancer lead the way by far, with 8.82 claims per 100,000 people insured. Next most impactful is prostate cancer, which causes around half the life insurance claims of breast cancer per 100,000 people insured at 4.47 claims.

Hodgkin's disease causes the least amount of claims at 0.77 per 100,000, marginally below stomach cancer at 0.82.

FSC chief executive Sally Loane said the FSC was releasing the data in an effort to educate Australian's about the "sheer volume and rates" at which cancer affected 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," 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."

Loane added the data analysis undertaken by KPMG on behalf of the FSC was "unsurpassed anywhere else in the world for its granularity and timeliness".

"We know cancer doesn't discriminate and can change lives overnight," Loane said.

"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."

Read more: FSCKPMGSally LoaneFinancial Services Council
Link to something b0DYo0rB