How many claims did Scottish Widows payout in 2020?
Scottish Widows paid out claims to 10,712 individual protection customers throughout last year.
- 99.5% of all life claims were paid out based on 9,227 claims made
- The total paid out in life claims was £125m
- £8.6m was paid out on terminal illness claims
- Cancer was again the most common reason for claims, 44.5% of all claims were from women as a result of death from cancer, compared with 32% of men
- Heart-related claims accounted for 25% of cases for men, compared to 14% for women
- The average life claim paid was £46,401
- The highest individual claim was over £565,045
Critical illness claims
- Scottish Widows recorded a decrease in the number of critical illness claims during 2020
- 1,576 claims were submitted in 2020 compared to 1,800 in 2019, representing a 12% decrease
- The total amount paid out in critical illness claims during last year was £81m
- Cancer was the main reason for women making a claim at 75% of all cases
- This was followed by stroke (5%), heart attack (3%) and multiple sclerosis (4%)
- Among men, 52% of claims made were for cancer, followed by heart attack (19%) and stroke (7%)
- The average critical illness claim paid was £55,182
- The highest individual claim was £502,551
Scott Cadger, head of protection underwriting and claims strategy at Scottish Widows, said: “In a year that has been financially and emotionally challenging for many, we are proud to have maintained a claims payout rate of over 98%.
This means that as an insurer, we have continued to support families during some of their most difficult moments.
“Our data has also shown that we have seen a decline in critical illness claims received for cancers, stroke and tumours, but the percentage of critical illness claims paid out was in line with 2019.
“It’s understandable that people may be hesitant about seeing the doctor in the current climate, but they should still seek medical advice if they notice any changes in their health. Getting help early could make all the difference when it comes to diagnosing and treating conditions.”
Source: Cover Magazine May 2021
For full claims information please click Here.
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