Royal London pays out in 97.3% of claims

Stats for 2016 released

clock • 2 min read

Royal London paid 97.3% of claims totalling more than £331m during 2016, according to the insurer's newly published claims statistics.

Almost £1m was paid in free cover claims - free cover is provided for up to 90 days while an application is being processed and will pay out on receipt of a valid claim before any premium has been collected from the customer.   In addition more than 60% of all claims paid were fast-tracked and paid within three days. Royal London has also published two sets of statistics for income protection to reflect the ABI's new reporting methods compared to the previous method of reporting IP claims.   The ABI has changed how it measures the percentage of claims paid for income protection so ...

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



Already a Professional Adviser member?


More on Income Protection

Tom Baigrie: 'Insurers and distributors are failing to market IP'

'We need to pick up the pace'

Tom Baigrie
clock 16 November 2020 • 3 min read

L&G paid out almost £300m for group protection in 2018

Rehabilitation services

Adam Saville
clock 09 May 2019 • 1 min read

'One in five' UK businesses lack expertise to manage absence

Zurich research

Adam Saville
clock 04 February 2019 • 1 min read