F&TRC: Claims stats cannot realistically be compared

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Currently published claims statistics, adviser use of them and the need for standardisation are set to be important debating points at research company F&TRC's next Protection Forum event on 23 May.

Ian McKenna, director at F&TRC, said comparing currently published claims statistics on a like-for-like basis was difficult given insurers were not working to any one criteria.

He said: "Some insurers include areas such as children's cover and TPD within their stats, while some others do not. The ongoing publication of claims statistics has proved to be very positive in helping to build both consumer and adviser trust.

"The majority of companies are announcing paid claims rates in excess of 90%, which is good, however there is currently no standard reporting process, which means statistics cannot realistically be compared."

Kevin Carr, chief executive of the Protection Review, said the industry had moved a long way away from the "toxic" subject of unpublished claims statistics 10 years ago.

"The majority of insurers now publish statistics on a regular basis," he said.

"The next step is to work together with advisers and the industry to create a degree of standardisation, which both improves the level of data for advisers while also making it easier and fairer for life offices to publish their numbers."

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