Number of claims breaks new record
13th May, 2019
How much do insurers really pay out? According to the latest figures from the Association of British Insurers (ABI) and Group Risk Development (GRiD), insurers paid out over £5.3bn to policyholders and their families in 2018 alone.
The number of claims in 2018 also broke new records, climbing above 200,000 for the first time in both group and individual policies. The £5.3bn paid out was also a £200m year on year increase, which is great news for an industry still struggling to defeat the stigma of unreliability.
What about reliability and what are your chances of claim success? Fortunately, the number of claims was met with a high success rate. Just under 98% (97.6%) of claims were successful across the board, with average life insurance payouts reaching its highest level on record.
Improved transparency from insurers and extra support from advisers has meant that consumers are now more empowered to make better decisions about protecting themselves. This has led to more claim success and a better understanding around the benefits of protection.