Royal London paid 97.3% of claims totalling over £331m during 2016, according to the insurer's published claims statistics.
Nearly £1m was paid in free cover claims - free cover is provided for up to 90 days while an application is being processed and will pay out on receipt of a valid claim before any premium has been collected from the customer. In addition over 60% of all claims paid were fast-tracked and paid within three days. Royal London has also published two sets of statistics for income protection to reflect the ABI's new reporting methods compared to the previous method of reporting IP claims...
4.5m UK households rent
65% of first £60,000
From PPI to the credit crunch
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