The Christchurch, New Zealand earthquake on February 22 claimed 63 deaths and cost the life insurance industry a combined total of $12.5 million.
The Investment Savings & Insurance Association (ISI) tracked insurance payouts made to families and combined trauma, death, disability and other payouts to determine that the average payout was $199,000.
According to the associations findings 180 claims were accepted for redundancy while 16 were accepted for income protection and two for trauma and/or permanent disability.
According to ISI chief executive Peter Neilson the tragedy at Christchurch has proven that insurance agencies are not attempting to avoid paying on claims.
Nielson spoke about the importance of life insurance, noting:
“Hopefully the February earthquake will help more people to realize that life insurance can be an important part of their family’s financial protection, and that they can trust their life insurer will be there for their family when tragedy strikes.”
A tragedy is always hard to overcome, at least in 63 cases insurers rushed to help families begin to rebuild their shattered lives.