Mutuals paid out on more than 94% of income protection claims in 2018

15% increase in number of claims paid

clock
Mutuals paid out on more than 94% of income protection claims in 2018
Image:

Mutuals paid out on more than 94% of income protection claims in 2018

Research by the Association of Financial Mutuals (AFM) into nine members that offer income protection products shows that they paid out over £26 million in claims to 5,721 policyholders in 2018.

This represented a 15% increase in the number of claims paid and an 18% uplift in the value of claims paid, reflecting the greater demand for the services provided by AFM members. The results mean 94.4%...

To continue reading this article...

Join Professional Adviser

 

  • 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.
  • Tap into our community intelligence through our regular Pro Adviser poll.
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Individual Protection

“As a result, we now have a situation where firms that are already insured are struggling to change insurer, and the best an adviser business can often do is hope that its existing insurer will renew" - Beaufort Group's Simon Goldthorpe.

'Fragmented and barely functioning' PI market is biggest threat to advisers - Beaufort chairman

Excesses up five-fold

Sophie King
clock 19 December 2019 •
Cover Excellence Awards: Intermediary shortlists revealed

Cover Excellence Awards: Intermediary shortlists revealed

Thursday 10 October, The Brewery, London

Cover
clock 12 August 2019 •
One small step for man, one giant leap for an insurance provider ...

How the Apollo 11 crew obtained their life insurance

50th anniversary of moon landing

Adam Saville
clock 19 July 2019 •