AIG Life has revealed it paid 99% of life claims (up from 96% in 2016) and 93% of CIC claims (up from 92.3% in 2016), with the highest pay-outs sitting at over £5m for life, £765,000 for CIC and £459,000 for terminal illness.
The average age at claim was 64 years for life, 59 years for critical illness cover (CIC), 3.5 years for children's CIC, while cancer claims accounted 45% for life, 60% for CIC claims, 96% for terminal illness and 27% of children's critical illness claims. "Publishing our life and critical illness claims stats is essential to help the industry and advisers build trust with customers, said AIG Life CEO Adam Winslow. The firm paid out a total of £73m in 2017 (up £4.4m on 2016), he also pointed out. While Winslow underlined the importance of publishing claim stats, he also called for mor...
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