The Exeter income protection claims statistics in 2018
- The Exeter paid out 93% of income protection (IP) claims in 2018, a total of £7,011,000
- The mutual paid out more than £1m more than the previous year, when it payed 91% of IP claims
- Musculoskeletal problems, fractured/broken bones and back and spinal conditions combined as the main reason for a claim (making up 37%), while mental health such as stress, anxiety, depression and bereavement represented 10% of all IP claims – a 3% rise from last year
- When broken down, the top five single reasons for claims were accidents and injuries (22%), musculoskeletal (15%), fractures and broken bones (12%), infections (11%), back and spinal disorders (10%) and mental health conditions (10%)
- Total new claims assessed by The Exeter in 2018 increased 47% year on year, with the main reasons for claims not being paid being misrepresentation or claimants not meeting the definition of incapacity
The Exeter’s comments
“We are proud to have paid nearly 93% of claims received in 2018,” said Andy Chapman, CEO of The Exeter. “It’s vital that, by having the right protection in place, people feel safe knowing that through unexpected accidents, injuries or illnesses they won’t find themselves in financial difficulties.”
Source: Cover Magazine March 2019
If you are interested in arranging income protection insurance it really can pay to take expert advice.
Interested in related stories
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- The Benefits of an Index-Linked Life Insurance policy
- Watch our short video about why a life insurance trust is so important
- Record £5bn in claims paid out in 2017 by insurers
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