How Many Claims were paid by Holloway Friendly in 2020?
Holloway Friendly paid out £3.4 million in income protection claims received during 2020, a year-on-year increase of £1m compared to the previous year.
- The mutual paid out on 98% of claims
- The most common reasons for a claim were:
-Accident and injury (27%)
-Mental health (10%)
-Joints and tendons (6%)
-Surgical procedures (6%)
- The youngest claimant last year was just 20 years old and the eldest was 64
- The average age of all claimants at 41
- The average annual claim payment was £11,000
Why some claims weren’t paid
Holloway Friendly declined payment on 83 claims in 2020. The reasons for this were:
- non-disclosure of an existing medical condition at the application stage
- There was no loss of income
- The criteria of the insurance policy had not been met
- Claiming for a pre-existing condition which was not included within the policy at the outset
Stuart Tragheim, chief executive of Holloway Friendly, commented: “Figures like these give our Members and others looking to buy income protection confidence in their purchases. Knowing they’ll be helped when they really need it.
“We’ve never been about just paying a claim. We truly want to help our Members and their families as if they were our own. This is why we have introduced so much additional support for Members before, during and after a claim. Though the assurance of financial support can help ease the mind, sometimes more is needed like faster access to medical treatment or simply a friendly person to talk to”.
Holloway Friendly have a Member Assistance Programme to support their members in everyday life.
The programme is provided by Care first who have British Association for Counselling and Psychotherapy (BACP) accredited counsellors and Citizen Advice trained information specialists.
This is a complete support service for members via a freephone number, 0800 484 0818, 24 hours a day, 365 days of the year. As with all additional benefits these services can be amended, replaced or withdrawn at any time.
Source: Cover Magazine May 2021
For full claims details click Here to go to the Holloway Friendly website