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

15% increase in number of claims paid

clock • 1 min read

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% of claims received were paid in 2018, compared to the 88.1% of claims paid by all providers according to the Association of British Insurers. Further key findings from the research include: - The average claim in 2018 ran for 16 weeks. - The greatest number of claims received were for musculoskeletal problems (22%), followed by accident / injury (19%). - Surgical claims were the ...

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