Income protection claims move 'will boost IP take-up'

Nicola Brittain
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The Income Protection Task Force (IPTF) has said it is "delighted" by the recent publication of income protection (IP) claims statistics by insurance companies, and argued the move would boost consumer confidence in the market.

Last week, Friends Life became the final major provider to disclose its pay-out rates for 2012, following in the footsteps of Aegon, Scottish Provident/Bright Grey and Zurich. 

The IPTF has campaigned for insurers to disclose claims rates and has made willingness to disclose the figures a condition of membership of the organisation. 

Roy Mcloughlin, a member of the IPTF executive, said: "The IPTF is delighted to see all the main insurers in the market disclosing their statistics.

"This matters because there is a lot of uncertainty about claims being paid especially following the PPI [payment protection insurance] scandal.

"As an adviser working with the public, I know that these figures reassure them. I am pleased that the industry has embarked on what is a really worthwhile initiative."

Co-chairman of IPTF, Clive Waller, said: "We are currently working with a range of consumer bodies on a Charter for the IP industry and the message they keep giving us is that trust needs to be built between the insurers and the public.

"The figures released are encouragingly high and suggest that the vast majority of claims proceed without a problem. This news will encourage people to look more seriously at what is a vital product for so many."

The IPTF is proposing to release a paper later this year looking at overcoming the key obstacles to writing individual IP.

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