GITNUX MARKETDATA REPORT 2024
Insurance Claim Approval Duration Statistics
The average duration for insurance claim approval is approximately 30 days.
With sources from: beckershospitalreview.com, aig.com, choice.com.au, insure.com and many more
Sources
In this post, we explore various statistics related to insurance claim approval durations across different types of insurance policies. From health insurance to life insurance, auto insurance, and more, these statistics shed light on the average processing times, payout durations, claim acceptance rates, and other key insights within the insurance industry. Let’s delve into the data to gain a better understanding of the timelines and processes involved in insurance claim settlements.
Statistic 1
"The average time for a health insurance claim to be processed is about 14 days."
Statistic 2
"The average waiting time for life insurance claim payouts is approximately 30-60 days."
Statistic 3
"In the UK, 98% of protection insurance claims were paid out in 2019."
Statistic 4
"On average, auto insurance claims take around 2-6 weeks to be settled."
Statistic 5
"Approximately 5% of insurance claims are rejected each year."
Statistic 6
"It can take 1-2 months for a homeowner's insurance claim to be fully resolved."
Statistic 7
"The average approval time for disability claims can be up to 30-90 days."
Statistic 8
"ABI reported a record payout of £5.7bn in protection claims in 2019, equivalent of £15.8m a day."
Statistic 9
"About 2-3% of insured homeowners file a claim each year."
Statistic 10
"Approximately, 21% of natural disaster insurance claims were closed with payment in 2019."
Statistic 11
"The average waiting time for the payout of a critical illness claim is approximately 8 weeks."
Statistic 12
"In 2018, approximately $2.9 billion was spent by private insurance companies on loss adjustment expenses."
Statistic 13
"More than 50% of denied claims are never reworked and sent back to the payer."
Statistic 14
"A fall accident can take up to 2-4 years to settle in an insurance claim."
Statistic 15
"Almost 80% of car accident insurance claims are for whiplash."
Statistic 16
"The median claim approval time for life insurance policies in 2020 was 30 days."
Statistic 17
"The average payout time for travel insurance policies is 28 days."
Statistic 18
"Fire damage insurance claims can take as long as 12 months to settle."
Interpretation
In summary, insurance claim approval durations vary significantly across different types of insurance policies, with processing times ranging from a few days to several months. The statistics reveal that while the majority of claims are paid out, there is still a notable percentage that are rejected each year. Additionally, the time taken for settlement can depend on the complexity of the claim, with some cases, such as fire damage or critical illness, requiring longer processing periods. Understanding these statistics can help policyholders manage their expectations and navigate the claims process more effectively.
Jannik Lindner
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