The life insurance industry has paid out over $12.5 million as a result of the Christchurch earthquakes, the latest industry report confirms.
Investment Savings and Insurance Association (ISI) members received and paid out on 63 individual life insurance claims as a result of the February 22 earthquake.
The claims were worth a combined $12.52 million, and are representative of an average payment of $199,000 per claim.
ISI Chief Executive Peter Neilson says while life insurance payouts can never compensate for lost family members, they can provide a degree of financial security for families who have lost a loved one.
He says the industry looked for ways to process claims quickly and compassionately following the disaster.
As well as death claims, there were also 180 claims accepted for redundancy, 16 for income protection, and two for trauma or total permanent disability.
Payments for these claims are expected to be in excess of $1 million once they have been finalised.
“Following the tragic events in Christchurch, there can be no doubt that the life insurance industry is able to provide financial protection to New Zealand families in such times,” says Mr Neilson.
“Hopefully the February earthquake will help more people to realise 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.”
3 News