Your brain’s more at risk than your body—here’s what insurance claims are really showing us
What $1.1 billion in insurance claims data says about your real risks
Insurance claims data isn’t just for actuaries and spreadsheet warriors. It’s a crystal ball for what could actually go wrong in your life. And according to Acenda’s 2024 snapshot, the stuff hitting hardest isn’t what you might expect.
The top 5 causes of claims?
Cancer (25%)
Mental illness (18%)
Musculoskeletal issues (13%)
Cardiovascular disease (11%)
Accidents (10%)
Top 5 Claims causes
Let’s pause there: your brain is more likely to be injured than your body.
We’re not being dramatic. That stat comes straight from Acenda’s Chief Claims & Transformation Officer, Andrew Beevors, who says:
"It’s your brain that’s more likely to be injured than your body."
Source: Acenda Annual Claims Data 2024
Blame it on post-COVID stress, job instability, or just the fact that our economy has shifted from tradies to tech bros. Either way, mental health is now a top reason for trauma insurance and income protection payouts.
Cancer still leads—especially for trauma and life cover
Cancer made up:
42% of life cover claims
58% of critical illness (trauma) claims
SOURCE: MLC Life Insurance
That’s massive. And it makes sense—cancer doesn’t just impact your body; it hits your bank account too. Treatments, time off work, and long-term recovery can leave even the most prepared families scrambling.
And many of these claims are from delayed diagnoses due to the COVID backlog. It’s a ripple effect that’s only now catching up.
Claim causes by insurance types:
“Figures are returning to industry norms… but the pressure’s far from over.”
Mental health claims are rising—and they’re hitting income protection the hardest
If you thought trauma insurance was for physical injuries only, think again.
Mental health accounted for 32% of income protection (IP) claims
And 27% of TPD (Total & Permanent Disability) claims
Source: Acenda Annual Claims Data 2024
That means one-third of IP claims were from mental illness.
Your mental health is your health—and the data backs it up.
Source: Mental Health Australia
📌 Side note: Acenda says 18% of their customers are struggling with mental health. That’s nearly 1 in 5 Aussies needing long-term support just to stay afloat.
What does this mean for your cover?
Here’s the blunt truth: if your current insurance doesn’t factor in mental illness, cancer, or long recovery periods… you could be setting yourself up to fail.
Ask yourself:
Do I have trauma cover that includes mental health?
Would I still get paid if I needed months off work due to burnout or depression?
Does my income protection reflect what I earn now—or what I earned 5 years ago?
Most policies aren’t automatically updated. That’s why working with an adviser makes a difference. They’re trained to read the fine print and make sure your policy doesn’t miss the big stuff.
Why prevention isn’t enough—planning matters
Mental health first aid and early detection campaigns are essential, but so is preparing for the worst. It’s not about being paranoid. It’s about being real.
“Historic prosperity hasn’t prepared Aussies for major setbacks.”
We’ve had it relatively good for decades. But now, with economic instability, rising living costs, and burnout culture, we’re seeing what happens when life throws a curveball.
And no, trauma insurance isn’t just for old people. The average age of critical illness claims keeps getting younger. Income protection isn’t just for people with mortgages—it’s for anyone who needs to keep earning to survive.
What cover types paid out the most?
The number of claims paid
Here’s how that $1.1 billion broke down in 2024:
SOURCE: Acenda Annual Claims Data 2024
What’s your brain worth?
It’s easy to think insurance is just paperwork for another day. But what if that “other day” comes sooner than expected?
If your cover isn’t built to reflect today’s realities—mental health claims, late-stage diagnoses, long recoveries—it might not be enough. And fixing that after a diagnosis is too late.
The good news? You’ve got options. Trauma insurance, income protection, and a financial adviser who actually knows how to match a policy to your life can make a real difference.
Not sure where to start? We can help with that.
📚 Resources