97.8% of all group and individual claims paid in 2017

Another ‘record-breaking' year has been recorded for the protection industry, as figures from Association of British Insurers (ABI) and Group Risk Development (GRiD) reveal a total of £5bn in claims paid in 2017 - an increase of more than £340m on last year. The total percentage of claims paid for the year was 97.8% and £13.9m per day was shelled out for income protection, critical illness cover and life assurance. For individual protection, the number of claims paid by more than 20,000 year-on-year and the total value of claims paid for critical illness passed £1bn for the first time...