Mutuals paid out £36m in IP claims in 2020

Nearly 19 in 20 claims

John Brazier
clock • 2 min read

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, people are more aware than ever before about the impact of being unwell and unable to wor...

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

Long-term individual protection down 5.5%

Long-term individual protection down 5.5%

Swiss Re releases Term and Health Watch

Cameron Roberts
clock 22 May 2024 • 2 min read
The Right DA Club adds Cirencester Friendly to panel

The Right DA Club adds Cirencester Friendly to panel

Offering access Cirencester’s income protection products

Jaskeet Briah
clock 22 May 2024 • 1 min read
Profile of an IP Customer: Age

Profile of an IP Customer: Age

A COVER, IPTF and Iress series

Vicky Churcher
clock 21 May 2024 • 4 min read