TAL has paid $2 billion in claims during the last six months, according to an update from the life insurer.
Of the 32,456 individuals and their beneficiaries who received payments in this period, 75 per cent were living benefits – up from 72 per cent in FY23.
Living benefit payments were driven by an increase in Income Protection and Total and Permanent Disability claims related to mental health conditions, including PTSD and depression (23 per cent of all claims), followed by injuries and cancer (each 15 per cent of all claims).
Claims for mental health-related conditions have grown steadily over recent years, with mental health conditions surpassing cancer as the leading cause of claims in 2021–FY22.
