A.i.d.s. Death Pay-outs $720,000 (Press, 29 June 1989)
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Summary: A.i.d.s. Death Pay-outs $720,000 (Press, 29 June 1989)
On 29 June 1989, it was reported that life insurance companies in New Zealand have disbursed $720,000 in claims related to deaths of individuals who were victims of A.I.D.S. Since September 1988, the Life Offices Association has maintained a register collecting statistical information on A.I.D.S.-related claims while ensuring the anonymity of the victims and their families. A spokesperson for the association detailed that there have been a total of 34 claims associated with 18 fatalities and three disability-income insurance cases. The claims predominantly involved men, with the deceased being categorised by age as follows: four were aged 20-29, ten were between 30-39, two fell into the 40-49 age range, and five were aged 50-59. The professional backgrounds of these individuals were primarily in professional, managerial, and clerical sectors. Mr. Kevin Pike, the chief underwriter from AMP in Australia, highlighted the significance of understanding A.I.D.S. and the human immunodeficiency virus (H.I.V.) in the insurance industry. He noted that due to the high mortality risk associated with the disease, individuals infected with H.I.V. often face difficulty obtaining insurance coverage. Insurers focus on assessing applications by determining whether an applicant is H.I.V. positive or whether they engage in activities that elevate their risk of contracting the virus. Pike explained that insurers consider A.I.D.S. comparable to other life-threatening diseases. Data indicates that individuals who are H.I.V. positive experience a mortality rate that is at least 30 times higher than that of the general population, whereas most insurance companies are only prepared to underwrite risks that are up to five times the normal mortality rate. This disparity in risk assessment poses challenges for those affected by the disease seeking life insurance.
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