claim paid

Record £5bn in claims paid out in 2017 by insurers, according to the Association of British Insurers. 

Another ‘record-breaking’ year has been recorded for the protection industry, as figures from the Association of British Insurers (ABI) reveal a total of £5bn in claims paid in 2017 – an increase of more than £340m on 2016.

  • The total percentage of claims paid for the year was 97.8%.
  • The number of claims paid rose by more than 20,000 year-on-year.
  • The total value of claims paid for critical illness passed £1bn for the first time ever.
  • The average claim increased from 2016’s average claim to £73,000.
  • 96% of Critical Illness claims made for cancer were paid out.

Financial Support

“Protection products provide vital financial support in people’s time of need,” said Roshani Hewa, assistant director, head of health and protection at the ABI. “To see that the industry has collectively supported families with more than £5bn in 2017 for the first time ever is incredibly positive.”

“A serious injury or illness can be traumatic, but with insurers paying out on more than 97% of claims, consumers can rest assured that they’ll have the support they need if the worst happens.”

If you are interested in arranging protection insurance it really can pay to take expert advice.

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Next steps

Whilst you are welcome to get a quote on-line , we would recommend you talk to one of our advisers.

Any quote that your adviser provides you with will take into account to your circumstances, your medical history, as well as your budget!

An on-line quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

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