Back Surgery takes the top spot for most expensive claim in 2021 | Protection Solutions

Back Surgery takes the top spot for most expensive claim in 2021

Back Surgery takes the top spot for most expensive claim in 2021

December 16th, 2021

2021 has been quite a year! With bad backs causing some of the highest costing claims of 2021, let’s look back at some other figures for this year and what we can expect to see a change in the insurance industry for 2022.

Back surgery came in at a massive $222,000

According to Southern Cross, surgery for bad backs has topped the list of most expensive surgical claims funded by Health Insurance. In June 2021, back surgery came in as the highest individual claim coming to $222,000. The next two most expensive claims were for radical neck dissection surgery, which involves the removal of cancerous tumours, with each claim totalling more than $150,000.

Eight of the top 10 most expensive claims paid by Southern Cross were for spinal fusions surgery which permanently connects two or more vertebrae in the spine – with four claims topping a whopping $200,000.

70% Increase in insurance reviews

Financial advice has made a significant difference to New Zealanders’ insurance, mortgage, and money habits in 2021! Financial Advice New Zealand’s research has shown that 70% of Kiwis with advisers have reviewed their insurance over the past 12 months, compared to 40% of those without an adviser. Good advice is having the kind of impact that the insurance industry is hoping for. The research showed that Kiwis with advisers felt more financially secure and conducted regular check-ins on their products – both on a yearly basis, and in response to significant life events.

One new staff member

This year we welcomed one new member to the Protection Solutions team – Sophie Moffat. Sophie is our administrative assistant and has been an awesome addition to the team this year. Just before the Covid-19 lockdown, Sophie joined us and had to learn a new job whilst working from home, which wouldn’t have been easy.

Insurance expected to grow in 2022

Despite the concerns about COVID-19 variants, most insurers expect an accelerating economic recovery and additional digital technology investments in 2022. The demand for insurance is expected to keep rising worldwide.

With travel starting back up in 2022 and vaccination rules coming into place, we expect the insurance industry to look a lot different next year. If you want to review your insurance for the new year, contact us, and one of our advisers can make sure you have the right cover in place for 2022.