Quality Product Research: Major Review of Trauma Incidence

According to the FSC, in 2020, a total of $113,700,000 trauma claims were paid out in New Zealand, accounting for 20% of risk claims paid out at the time. Quality Product Research (QPR) uses reinsurer claims information to weight our scoring according to the most important items. For example, 80-90% of our trauma weighting is given to high claiming conditions and the remaining is evenly distributed between minor conditions.

Our incidence factor aims to reflect how likely a benefit will be claimed and is vital within trauma, currently females have an incidence of 69.17% for cancer, while this number is 43.46% in males. Failing to consider this factor would affect the value of certain benefits - we aim to have the incidence rate in our model closely track actual claims to provide a real value-based approach to rating.

Our four-factor research considers four features in our overall score:

Definition x Incidence x Amount x Frequency = Insurance Quality Score

For more information on our methodology please click here

Based on the most recent claims data from Gen Re, we have reviewed our Trauma Incidence Scores and openly welcome your feedback on these. Please find attached:

  1. A comparison of current and proposed trauma incidence – click here to view (excel file). 

  2. A trauma incidence infographic – click here to view (pdf). 

Your feedback

We value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email us with details of any recent claims to assist with our ratings.

Doreen Dutt, Quality Product Research Limited, researcher@qpresearch.co.nz

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