Protection industry pays 98.3% of 2019 claims

The percentage of claims paid has risen to 98.3% - up from 97.6% last year - the highest ever on record. More than £3bn in life insurance claims were paid in 2019, up by more than £19m year-on-year. Cancer was the biggest single reason for individual critical illness claims. Musculoskeletal was the main cause for income protection pay-outs, followed by mental health and cancer. The Association of British Insurers (ABI) and Group Risk Development (GRiD) data also revealed that £60.5m was paid out in individual income protection claims for mental health with an average claim of £15,728....