Mutuals paid out £36m in IP claims in 2020

Nearly 19 in 20 claims

John Brazier
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Mutuals paid out £36m in IP claims in 2020

Research from Association of Financial Mutuals (AFM) shows paid claims volume increased 38% compared to last year

The data shows that 94% of income protection (IP) claims were paid across AFM members last year, a minor decrease from 95.1% of IP claims in 2019. The volume of claims paid across AFM members increased by 30% in 2020, as the value of claims rose 38%. Claims for Covid-related health issues accounted for approximately 25% of claims in the year, with the Association stating these claims caused the majority of the year-on-year increase. Martin Shaw, chief executive of AFM, said: "Due to Coronavirus,...

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