Back-in-the-market Skandia publishes first protection payout stats

clock

Skandia, which re-entered the advised protection market last year, paid out on 96% of critical illness insurance (CII) claims in 2013.

According to the provider's latest figures, 77% of the claims made last year were for cancer, heart attack or stroke. It aid the average payment on a Skandia Protect CII policy was £148,148. Skandia re-entered the critical illness market in April in response to what head of protection Ian Jefferies said was advisers "re-prioritising protection following the RDR [Retail Distribution Review]." Jefferies said: "Our claims paid data for 2013 demonstrates that our focus on thorough and understandable condition definitions, rather than the number of conditions covered, makes a real differen...

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 Protection

Is price really still king? Why the protection market needs to evolve

Is price really still king? Why the protection market needs to evolve

Data and process improvement will be 'battlegrounds of tomorrow'

Paul Yates
clock 18 March 2024 • 3 min read
Protection sales down 102,000 in 2023; adviser focus labelled 'crucial'

Protection sales down 102,000 in 2023; adviser focus labelled 'crucial'

'Income protection products are more important than ever'

Cameron Roberts
clock 26 February 2024 • 1 min read
'What if': Why business protection advice is so important

'What if': Why business protection advice is so important

'Advisers need to support their business owner clients'

Naomi Greatorex
clock 08 February 2024 • 4 min read