CIC represents 23% of all claims and income protection accounts for 12%, according to figures from ABI and GRiD
Recently we announced that, according to ABI and GRiD stats, the protection industry as a whole paid out a record-breaking £5bn for group and individual claims in 2017 (97.8%). COVER can now reveal that ABI figures show that life claims represented two thirds (65%) of all group and individual claims paid last year, critical illness cover (CIC) accounted for 23% of the share while 12% of the overall amount was for income protection. The ABI also disclosed that 30% of individual income protection...
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Above industry average figures for both critical illness and life paid claims
"The tides have changed for protection"