Providers unveil impressive claim statistics
10th April, 2018
Providers unveil impressive claim statistics
It’s that time of year again when providers release their claims data. As usual, a number of providers have surpassed their previous records, with Old Mutual Wealth recording a 100% record on life claim payouts for the eighth year running.
The wealth management firm showed an equally strong performance in the critical illness sector, by paying out 94.6% of all claims in 2017. Other providers have been eager to prove assumptions about provider reliability wrong, with Legal and General paying 98% of all life claims, and 92% of all critical illness. This equates to a massive £1.74m per day across all claims.
These figures are still important to advisers, after a recent Mutual Wealth survey showed that just 6% of adults believed providers paid over 90% of critical illness claims. Experts point towards these assumptions as one of the reasons for the protection gap in the UK.
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