Insurers want to pay claims: Five reasons why 90% of CI claims are paid


The Association of British Insurers (ABI) this week revealed that nine in every ten claims made under a critical illness (CI) policy in 2010 was paid by the insurer.

Compare this to just three years ago, when 84% of claims were paid. That means, in 2007, 16% of claims were turned away by the provider. Or 1,900 claims out of a total of 11,900. The situation was evern worse a decade or so ago, when the product was suffering a serious image problem. Since then the market has improved significantly. But why? 1) ABI standard definitions In 2007 the ABI began introducing standard definitions for many common conditions on critical illness policies. It is widely felt by many in the industry that this is the main reason for the improvement in claim...

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