Mutuals pay 93.7% of income protection claims in 2017

The Association of Financial Mutuals (AFM) has revealed that nine of its members that offer income protection paid out over £22m in claims to 4,950 policyholders in 2017 - 93.7% claims received compared to the 84.7% figure for mutual written IP reported by the ABI for 2016. The nine members include British Friendly, Cirencester Friendly, Dentists' Provident, DG Mutual, The Exeter, Holloway Friendly, PG Mutual, Shepherds Friendly and Wiltshire Friendly. "Our survey of nine income protection members of AFM showed that in 2017 they paid out on 93.7% of claims," said Martin Shaw, chief ex...