Bright Grey and Scot Prov publish IP stats for the first time

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Bright Grey and Scottish provident have published income protection claims statistics for the first time.

Bright Grey paid out 13 claims in 2012 out of 16 totalling 81%; two claims did not meet the definitions and one was declined due to non-disclosure.

Scottish Provident paid out 38 claims of 44 received equating to an 86% pay-out. Two claims were declined because of non-disclosure and four did not meet the definitions.

Roger Edwards, managing director of the providers, said: "We were initially reluctant to publish because we did not have a book of business to produce figures that were statistically significant. But in the interest of transparency we wanted to get it all out on the table.

"Consumers may see the top line and think it does not look that positive, but we do most of our business with IFAs and if they fully understand the figures then they can pass on that understanding to their clients."

Friends Life is the last provider yet to publish IP claims stats.

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