Aviva ups CI pay out rate

clock

Aviva has increased its critical illness (CI) claims payment rate to 93% in the first six months of 2010.

The figure is a 2% improvement on the same period last year while it also halved the volume of claims declined through non-disclosure to 1%. In all, the provider paid out 684 CI claims during the six months to the end of June 2010, totaling over £51m, with an average payment of £74,740. Cancer remains the most common cause of critical illness claim, accounting for 64% of claims. It also revealed a 98.5% payment rate for death claims, paying out a further £87 million in life insurance after death or to clients diagnosed with a terminal illness. Richard Verdin, protection director...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Critical Illness

Defaqto launches critical illness comparison tool

For Engage planning solution

Adam Saville
clock 12 February 2019 • 1 min read

Breast cancer still biggest cause of CI claims - Aegon

Group paid £56m in last decade

Adam Saville
clock 25 October 2018 • 1 min read

F&TRC rolls out age-banded critical illness analysis for advisers

Data from each insurer

Adam Saville
clock 27 September 2018 • 2 min read