Claims payments during 2016 totalled over $9 billion, significantly exceeding the previous year, according to consultancy firm The Risk Store.
The Risk Store says based on its 2016 Life Industry Claims Paid Statistics, mainstream insurers accounted for around 108,000 claims.
Two new statistics added to the annual research include largest benefit amount paid by product type, and youngest and oldest claimant paid for each product type.
The Risk Store noted that the youngest claimant paid was two years old, which it said was an indicator of the importance of including child trauma in risk advice.
“We hope these statistics provide encouragement to those people working within the industry, that their role does in the end make a significant difference to so many people’s lives, directly and indirectly,” The Risk Store managing director Pete Wincott said in a statement.
“More than that, we know that these stats will assist in encouraging many more Australians to become properly financially protected in the year ahead.”