Full market round-up: Critical illness claims stats 2019
Percentage stats for each provider
COVER and CIExpert team up to present last year’s provider claim stats all in one place
According to the Association of British Insurers (ABI) and Group Risk Development (GRiD), the protection industry paid 98.3% of all claims in 2019.
According to the findings, the number of critical illness (CI) claims paid amounted to 17,995 and a total £1,215,957 was received by individuals and families.
The percentage of CI claims for 2019 was 91.6% and the average value of a claim was £67,573.
Gathered by CIExpert, the table below show the percentage of claims paid by individual insurance providers last year, with analysis from Alan Lakey beneath.
|
|
Claims Paid |
Claims declined |
Due to non-disclosure |
Not meeting the definition |
Year |
|
Aegon S Equitable |
94.0% |
6.0% |
1.7% |
4.3% |
2019 |
|
AIG |
96.0% |
4.0% |
3.0% |
1.0% |
2019 |
|
Aviva |
92.6% |
7.4% |
1.8% |
5.6% |
2019 |
|
HSBC |
98.0% |
2.0% |
|
|
2019 |
|
Legal & General |
91.9% |
8.1% |
|
|
2019 |
|
LV= |
87.4% |
12.6% |
3.6% |
6.2% |
2019 |
|
Old Mutual Wealth |
Part of ReAssure which refuses to release claims stats |
||||
|
Royal London |
92.6% |
7.4% |
|
|
2019 |
|
Scottish Widows |
93.0% |
7.0% |
2.0% |
5.0% |
2019 |
|
Vitality Life |
92.9% |
7.1% |
|
|
2019 |
|
Zurich |
90.0% |
10.0% |
3.7% |
6.3% |
2019 |
Alan Lakey, director, CIExpert said: "The average of the ‘live' companies for 2019 is 92.8% which is similar to previous years levels. Within these figures are some extremes with HSBC showing top with 98% and LV= on the bottom rung with 87.4%.
"Most declined claims are for failing to meet the claim definition with only around 2.6% due to non-disclosure. The figures should not be seen as a league table because other factors will have shaped the declinatures. Many insurers will have a range of different claim wordings all of which either assist or mitigate against a successful claim.
"Overall it highlights that the industry is continuing to meet consumer expectations and that both advisers and consumers need to understand how the precise condition wording will impact on a diagnosis or medical treatment."
Further reading
More on Critical Illness
HSBC makes substantial improvements to its critical illness plans
Focus on quality rather than list of conditions
CIExpert: AIG product design is 'revolutionary'
Will 'delight' advisers that focus on quality
AIG Life overhauls critical illness to 'avoid unwanted complexity'
Officially checks out of 'conditions race'
Katya Maclean: The changing face of critical illness
COVER Podcast #10
Protection tech titans iPipeline and CIExpert join forces
Landmark partnership
