The Group Risk industry has published its claim paid rates for the first time revealing 99.6% of claims paid on group life, 82% on group income protection and 81% on group critical illness.
Industry data compiled by Group Risk Development (GRiD) revealed a total of £1.24bn was paid out during 2013 to a total of 24,102 UK families.
During 2013 there were 8,803 group life claims with the value of claims paid at £876.8m. The average claim amount was £99,603.
There were 14,501 group income protection claims, with the value at £318m per year. The average claim amount was £21,930 per year.
Additionally, there were 798 group critical illness claims during 2013 with the value of claims paid at £49.9m and the average claim amount at £62,582.
The claims statistics also showed increase in claims paid for Group Life, Group Income Protection and Group Critical Illness with an extra £16m, £13m and £9m paid out respectively over the previous year.
The main causes of claim were cancer (46%) and heart disease (17%) for group life, cancer (25%) and mental illness (24%) for new group oncome protection claims and cancer (69%) and heart attack (10%) for group critical Illness.
Katharine Moxham, spokesperson for GRiD (pictured), said: "GRiD has voluntarily published Group Risk claims data since 2011. For the first time this year, GRiD has published claims paid percentages following a rigorous framework to ensure both credibility and consistency.
"GRiD and the Group Risk industry as a whole are committed to championing transparency and best practice and our claims reporting is demonstrative of this. Our commitment to publishing this data has gone well beyond what the Financial Conduct Authority mandates and is in the true spirit of transparency."
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