Royal London paid 97.3% of claims totalling over £331m during 2016, according to the insurer's published claims statistics.
Nearly £1m was paid in free cover claims - free cover is provided for up to 90 days while an application is being processed and will pay out on receipt of a valid claim before any premium has been collected from the customer. In addition over 60% of all claims paid were fast-tracked and paid within three days. Royal London has also published two sets of statistics for income protection to reflect the ABI's new reporting methods compared to the previous method of reporting IP claims. ...
There will be no further increases to Insurance Premium Tax (IPT) this year, the Autumn Budget 2017 has revealed.
The government will immediately give NHS trusts £350 million to allow them to plan for the winter, Chancellor Philip Hammond has announced in the Autumn Budget.
British Friendly has introduced an online Adviser Toolkit to encourage income protection sales.
Zurich has launched a 'selfie' app called FaceQuote which estimates how much life cover someone might need.