Zurich – How many protection claims were paid out in 2018?
Zurich has paid out on 96 per cent of retail protection claims in 2018, with payouts totalling more than £233.4m.
Zurich stated £134.6m of this went to 1,798 life insurance customers, with the average payout for a life claim sitting at £51,000.
Zurich declined six life insurance claims due to non-disclosure of medical information, such as history of smoking or alcohol misuse, when customers applied for cover.
Critical illness claims
In terms of critical illness cover, the insurer paid out £90.6m and paid 91 per cent of claims.
Breast cancer accounted for nearly a quarter of all claims, followed by heart attacks, strokes and prostate cancer.
The provider said the claims it did not pay out on included non-disclosure or incidents where the illnesses were not actually covered by the policy.
Income protection claims
The firm paid 95 per cent of income protection claims, amounting to £8.2m. The most common cause of claims was mental illness.
Cancer, musculoskeletal disorders and chronic fatigue syndrome were also in the top reasons for claims.
Customers who returned to work within the period between the claimant being off work and their income payments commencing often used the provider’s rehabilitation team. Which includes quick access to counselling or physiotherapy.
Peter Hamilton, Zurich’s Head of retail protection, said:
“Our consistently high claims paid figures help to reinforce the message that we’re here to support our customers when they need it.
“As well as flexible products and extra support services, we’re committed to providing a first class service with claims handled sensitively and efficiently.
“When people make a claim we know that they’re usually facing difficult and life-changing situations. We’re here to support them to make the whole process as smooth as possible.”
The insurance industry paid out more than £5.3bn in protection claims in 2018. Source: Association of British Insurers and Group Risk Development,
The data also showed the number of claims surpassed 200,000 for the first time. And, 97.6 per cent of those claims were paid.
Source: FT Adviser May 2019
If you are interested in arranging protection insurance it really can pay to take expert advice.
Whilst you are welcome to get a quote online but 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 online 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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