Mutuals pay 19 out of every 20 IP claims in 2019

Over £26m to nearly 7,500 policyholders

Adam Saville
clock • 1 min read

Research from Association of Financial Mutuals (AFM) shows paid claims volume increase 39% in two years

The data shows that 95.1% of income protection (IP) claims were paid across AFM members last year, an increase from 94.4% in 2018. This compares to the 88.1% of all income protection claims paid reported by the Association of British Insurers (ABI) in 2018. The research, which includes findings from 10 member organisations offering IP, shows that they paid out more than £26m in claims to nearly 7,500 policyholders in 2019. It also found that, like-for-like, the volume of claims paid across AFM members has increased by 39% over the past two years. Of the 4.9% rejected claims, the AFM s...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Income Protection

Partner Insight: Five types of clients who can benefit from income protection

Partner Insight: Five types of clients who can benefit from income protection

Scottish Widows
clock 13 February 2025 • 2 min read
Vitality updates protection and health offering

Vitality updates protection and health offering

Client engagement a priority

Cameron Roberts
clock 12 February 2025 • 3 min read
Partner Insight: Critical illness vs. income protection, which is better?

Partner Insight: Critical illness vs. income protection, which is better?

Just like Apple vs. Android, it’s been debated over the years. The answer is quite simply, and possibly frustratingly, it depends.

Julie Thompson, Protection Proposition Manager, Scottish Widows
clock 12 February 2025 • 5 min read