APRA and ASIC publish latest data on life insurance claims and disputes – December 2023

Here is a short summary of the provided document:

Summary:

The Australian Prudential Regulation Authority (APRA) has released its Life Insurance Claims and Disputes Statistics publication, covering a 12-month period from January 1, 2023 to December 31, 2023. The publication presents key industry and entity-level claims and disputes outcomes for 17 Australian life insurers writing direct business. The data is now available on ASIC's MoneySmart Life insurance claims comparison tool, which compares insurers across cover types and distribution channels on four metrics: claims acceptance rates, claim payment times, dispute rates, and policy cancellation rates.