Zurich: 97% of GIP claims paid in 2016

clock
Zurich: 97% of GIP claims paid in 2016

Zurich has revealed its payment rates for group income protection claims for the first time.

Over 97% new claims were accepted last year with employees benefitting from annualised payments averaging £37,900. During 2016, cancer was the main cause of claims at 27 per cent, followed by mental health (19 per cent) and musculoskeletal claims (13 per cent). Half of employee absences notified to Zurich did not progress beyond the end of the deferment period and therefore did not reach claim stage. A large proportion of these are where the employee returned to work. Other reasons include...

To continue reading this article...

Join Cover

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around Covid-19, regulation, diversity and mental health.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Exclusive access to our fortnightly Protection insight mini-podcast.
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Employee Benefits

One in four employers 'not affected' by menopause issues

One in four employers 'not affected' by menopause issues

Absence and sickness were the leading menopause-related impacts

John Brazier
clock 01 December 2021 • 2 min read
Majority of people are not saving enough for retirement despite overestimating financial ability: Wealth at Work

Majority of people are not saving enough for retirement despite overestimating financial ability: Wealth at Work

Financial education can help employees understand value of workplace pensions

Nafeesa Zaman
clock 30 November 2021 • 1 min read
Openwork Partnership extends support for menopause and miscarriage

Openwork Partnership extends support for menopause and miscarriage

Training and resources have been furthered, as have safe spaces

John Brazier
clock 29 November 2021 • 1 min read