Protection figures 'shatter illusion' of declined claims


Figures showing insurance companies declined fewer than 3,500 of more than 102,000 protection claims last year "shatter the illusion" that providers don't pay, according to stakeholders.

The latest statistics from the Association of British Insurers (ABI) for 2013 show that, of a total of 102,384 claims submitted, 3,457 were declined, resulting in a 97% payout rate. The ABI's figures cover terminal illness, critical illness, total and permanent disability (TPD), whole of life and individual income protection products. The highest declined percentage was in TPD, where 253 of 669 claims, or 38%, were turned down. At the other end, 38 of 43,529 whole of life policies were denied, or 0.1%. According to the ABI, initiatives such as its code of practice on non-disclosure...

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