Protection industry paid out £6.2bn on claims in 2020

The percentage of claims paid has stayed largely consistent at 98%, compared to 98.3% in 2019, which was the highest on record. The data from the ABI and GRiD showed that more than £3.4bn in life insurance claims were paid in 2020, an increase of £349m on the previous year. The average payout on term life insurance policies (individual and group) was £79,304. Claims payouts for critical illness during 2020 were recorded at £1.13bn, a 6% fall in the number of critical illness claims paid last year, with a 7% year-on-year decrease in value. The ABI and GRiD data also revealed that £6...