Income protection mutual has paid an average of 96% of claims since 2005
The main reason for British Friendly claims in 2019 involved musculoskeletal-related conditions (44%).
General illness/injuries and anxiety/depression made up 12% of claims. Infectious diseases (8%) and gastrointestinal (6%) were also top causes.
Gordon Hull, British Friendly chief executive officer (CEO), said: "This analysis of causes of claim demonstrates how our products meet the needs of our customers. They tend to be those in manual occupations who might be self-employed or working for employers who don't offer any formal sick pay. As such they are looking for shorter deferred periods which means more general illnesses, such as flu, result in claims, even if they are relatively short."
Since 2005, when the mutual began recording its claims data, British Friendly has paid an annual average of 96% of all income protection claims.
Damian O'Connor, managing director at Roxburgh Financial Management, said: "For me, the key statistic is the consistency evidenced by the 14 years history of British Friendly paid claims. That provides advisers and their customers with confidence that if the worst happens then their claim will be paid. I would like to see more insurers releasing claims statistics covering 10-plus years as well as more detailed claims reports that break down paid and declined claims in more detail."
Hull added: "As a friendly society we exist solely for the benefit of our members. This means that our absolute number one priority is to pay as many claims as possible so I am extremely proud that we continue to pay a high proportion of claims year on year."
Suzanne Clarkson takes a look back
From 6 January 2020
Due to Brexit