Industry Critical Illness Survey. Eddie McEllin Senior Actuary Tel eddie.mcellin@genre.com

Transcription

1 Industry Critical Illness Survey Eddie McEllin Senior Actuary Tel eddie.mcellin@genre.com

2 About the Survey Survey covered 9 Australian insurers of Trauma insurance Annual Premium $m, % AVIVA, 114.4, 4% WESTPAC, 207.9, 8% AIG, 43.5, 2% ASTERON, 186.4, 7% CBA, 365.4, 14% ING, 305.9, 11% TOWER, 249.6, 9% MLC, 366.7, 14% ZURICH, 98.4, 4% Not Covered, 746.1, 27% Major carriers not covered: AMP 11%, AXA 8% Source: Media Release Life Insurance Risk Products Industry Results - June 2006 Industry Critical Illness Survey 2

3 Scope of the experience investigation 5 Year Observation Period 2001/01/ /01/ /01/ /01/ /01/ /12/31 1) Critical Illness in-force at any time during ) Critical Illness claims diagnosed during Claims data includes 3902 claims incurred and $537million in claims paid. Exposure data includes 1.57million life years and 238 billion is sum assured. Incidence rates obtained from claim count divided by central exposed to risk at age next birthday. Includes both accelerated and stand alone trauma claims, but excludes death claims. Graduated rates obtained by from male and female, 2+ duration, raw incidence rates. Industry Critical Illness Survey 3

4 Gender Mix Female = 46% Male = 54% Distribution of Exposure by Age Female Male All Average Age % 9% 9% % 32% 35% % 40% 40% % 17% 16% >60 1% 1% 1% 5% 4% Female Male 3% 2% 1% 0% Industry Critical Illness Survey 4

5 Trauma Incidence Rates (Male) Trauma only (2+ Duration, Accelerated and Stand Alone) Male Incidence Rates Raw Graduated Age Total Male Data: 1831 claims, 565,143 life years Australian Critical Illness Survey 5

6 Trauma Incidence Rates (Female) Trauma only (2+ Duration, Accelerated and Stand Alone) Female Raw Graduated Incidence Rates Age Total Female Data: 1200 claims, 498,364 life years Australian Critical Illness Survey 6

7 Trauma Incidence Rates Male / Female Comparison Male Female Incidence Rates Age Industry Critical Illness Survey 7

8 Trauma Incidence Rates (Male) Comparison with International Trauma Survey International includes: Hong Kong, Malaysia, and Singapore Australian International Incidence Rates Age Industry Critical Illness Survey 8

9 Trauma Incidence Rates (Female) Comparison with International Trauma Survey International includes: Hong Kong, Malaysia, and Singapore Incidence Rates Australian International Age Industry Critical Illness Survey 9

10 Distribution of Claims by Age (Male) % 5% 5% 120 Expected Actual 100 # of Claims Age 48.9 Mean 90% of the claims are incurred between ages 34.7 and 60.3 Industry Critical Illness Survey 10

11 Distribution of Claims by Age (Female) % 90% 5% Expected Actual 60 # of Claims % of the claims are incurred between ages 33.1 and 57.6 Age 46.0 Mean Industry Critical Illness Survey 11

12 Distribution of Claims Male / Female Comparison Male Female 100 # of Claims Age Industry Critical Illness Survey 12

13 120% Comparison by Calendar Year A/E Ratios by Calendar Year Male Female 100% 80% 105% 101% 100% 86% 105% 105% 95% 95% 93% 94% 60% 40% 20% 0% Australian Critical Illness Survey 13

14 Comparison by Duration A/E Ratios by Selection Period Duration 0 Duration 1 80% 90% 96% 96% Male Female Duration % 100% Duration % 106% 70% 80% 90% 100% 110% Industry Critical Illness Survey 14

15 Comparison by Smoking Status A/E Ratios by Smoking Status Non-smoker 96% 96% Male Female Smoker 105% 122% 70% 100% 130% Industry Critical Illness Survey 15

16 Comparison by Sum Assured A/E Ratios by Sum Assured Amount <50k 88% 91% Male Female 50k-100k 91% 93% 100k-150k 150k-250k 95% 105% 104% 106% >250k 100% 112% 80% 90% 100% 110% 120% Industry Critical Illness Survey 16

17 Time from Event Date to Notification <= >180 18% 19% 16% 17% 9% 11% 10% 10% 10% 7% 8% 8% 19% 20% 21% 21% 44% 43% 44% 44% Duration 0 Duration 1 Duration 2+ All Durations Avg Time = 130 Days 134 Days 116 Days 119 Days Industry Critical Illness Survey 17

18 Time from Notification to Benefit Payment <= >180 20% 18% 9% 11% 22% 24% 34% 27% 21% 22% 22% 25% 22% 33% 30% 15% 5% 10% 15% 13% Avg Time = Duration 0 Duration 1 Duration 2+ All Durations 135 Days 129 Days 90 Days 99 Days Time from Event to Payment = 265 Days 262 Days 204 Days 217 Days Industry Critical Illness Survey 18

19 Cardiac, 35% Males (% Total) Cause of Claim by Site Stroke, 5% Other Neuroligical, 2% Other, 8% Cancer, Cardiac, and Stroke account for 90% of male claims Females (% Total) Cancer, 50% Cardiac, 6% Stroke, 4% Cancer, 80% Other Neurological, 4% Other, 6% Industry Critical Illness Survey 19

20 Cause of Claim by Age and Site Gender Female Male Age Band Number of Claims Cancer 52.0% 76.0% 84.0% 83.0% 58.3% 52.0% 58.7% 47.6% 49.7% 50.0% Cardiac/Heart Attack 0.0% 5.4% 5.2% 7.2% 19.4% 12.0% 18.9% 37.2% 36.8% 38.2% Stroke 12.0% 4.3% 3.4% 2.7% 11.1% 12.0% 6.7% 4.0% 5.2% 5.3% Neurological (MS) 16.0% 6.5% 2.1% 2.9% 11.1% 0.0% 3.5% 1.4% 2.2% 0.6% Organ Disorders 4.0% 2.5% 0.7% 1.2% 0.0% 4.0% 0.8% 1.2% 0.5% 0.6% Head Trauma/Coma 4.0% 0.7% 0.7% 0.8% 0.0% 4.0% 2.8% 1.3% 0.7% 0.6% Accidents 4.0% 0.4% 0.4% 0.0% 0.0% 12.0% 2.4% 2.1% 0.5% 0.6% Loss of Abilities 0.0% 0.0% 0.6% 0.2% 0.0% 0.0% 0.8% 1.1% 0.5% 1.2% Paralysis 0.0% 0.0% 0.0% 0.2% 0.0% 0.0% 2.0% 0.1% 0.2% 0.0% Blood Disorders 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.4% 0.0% 0.0% 0.0% Transplants 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.4% 0.0% 0.0% Other 8.0% 4.3% 2.8% 1.8% 0.0% 4.0% 3.1% 3.6% 3.7% 2.9% Industry Critical Illness Survey 20

21 Cause of Claim International Comparison 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% MALE Australia UK Malaysia China FEMALE Australia UK Malaysia China Other Accidents Neurological/Stroke Cardiac/Heart Attack Cancer Other Organ Disorders Neurological/Stroke Cardiac/Heart Attack Cancer Industry Critical Illness Survey 21

22 Cancer Incidence Rates Male / Female Comparison Male Female Incidence Rates Age Industry Critical Illness Survey 22

23 Cancer Incidence Rates (Male) Comparison with Population Incidence Rates % Incidence Rates Insured Population Ins/Pop 60% 50% 40% 30% 20% % Difference % % Age Population cancer rates graduated from 2001 to 2004 raw incidence data. Source: Australian Institute of Health and Welfare Industry Critical Illness Survey 23

24 Cancer Incidence Rates (Female) Comparison with Population Incidence Rates Insured Population Ins/Pop 80% 70% 60% Incidence Rates % 40% 30% 20% 10% % Difference % Age Population cancer rates graduated from 2001 to 2004 raw incidence data. Source: Australian Institute of Health and Welfare Industry Critical Illness Survey 24

25 Cancer Claims by Site Males (% Total) Reproductive & Urinary, 36% Blood & Lymphatic, 14% Other (including brain & thryoid), 8% Prostate cancer has the greatest incidence of cancer among males (23%) Mouth/Throat/Oesophagus, 6% Connective tissue (Bone, Skin, Breast), 13% Respiratory / Lung, 3% Digestive Organs, 20% Females (% Total) Reproductive & Urinary, 8% Connective tissue (Bone, Skin, Breast), 69% Blood & Lymphatic, 6% Mouth/Throat/Oesophagus, 1% Digestive Organs, 7% Respiratory / Lung, 2% Other (including brain & thryoid), 7% Industry Critical Illness Survey 25

26 Cancer Claims by Age and Site Insured Female Male Age Band Number of Claims Mouth/Throat/Oesophagus 0% 0% 1% 1% 0% 0% 3% 7% 7% 5% Digestive Organs 11% 8% 5% 10% 9% 13% 15% 21% 19% 23% Respiratory/Lung 0% 1% 2% 3% 0% 0% 3% 3% 4% 2% Connectived tissue (Skin, Bone, Breast) 44% 67% 75% 64% 55% 13% 15% 20% 8% 5% Reproductive & Urinary 22% 8% 8% 9% 9% 38% 24% 25% 46% 49% Blood & Lymphatic 11% 7% 5% 7% 18% 25% 23% 19% 10% 7% Brain, nervous system, & endocrine glands 11% 9% 5% 8% 9% 13% 17% 6% 7% 9% Population Age Band Female Male Number of Claims Mouth/Throat/Oesophagus 3% 2% 2% 2% 3% 5% 9% 11% 7% 6% Digestive Organs 4% 7% 9% 13% 19% 4% 10% 18% 20% 21% Respiratory/Lung 1% 1% 4% 6% 9% 2% 3% 7% 11% 12% Connectived tissue (Skin, Bone, Breast) 44% 55% 60% 53% 45% 31% 32% 26% 16% 11% Reproductive & Urinary 14% 14% 12% 14% 14% 28% 21% 17% 32% 39% Blood & Lymphatic 16% 8% 6% 7% 8% 21% 16% 14% 10% 9% Brain, nervous system, & endocrine glands 18% 13% 7% 4% 3% 9% 9% 6% 4% 2% Industry Critical Illness Survey 26

27 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Cancer Claims International Comparison MALE Australia UK Malaysia China Respiratory/Lung Mouth/Throat/Oesophagus Brain, nervous system, & endocrine glands Connectived tissue (Skin, Bone, Breast) Blood & Lymphatic Digestive Organs Reproductive & Urinary 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% FEMALE Australia UK Malaysia China Mouth/Throat/Oesophagus Blood & Lymphatic Respiratory/Lung Brain, nervous system, & endocrine glands Digestive Organs Reproductive & Urinary Connectived tissue (Skin, Bone, Breast) Industry Critical Illness Survey 27

28 Thank you! Questions?