Royal London pays out on 99.6% of claims in 2020

Totalling £591 million

John Brazier
clock • 1 min read
Royal London pays out on 99.6% of claims in 2020

Insurer paid 99.6% of claims in 2020 totalling more than £591m to around 86,000 customers

Royal London paid over £136m in life and terminal illness claims last year. Over 1,500 term life insurance claims were paid, with an average pay-out of around £73,000 per claim. The average pay-out for a terminal illness claim was around £135,000 (224 paid). Nearly one-third of a billion pounds (£314m) was paid in whole of life claims. The average pay-out was £3,820, a yearly increase of 48%, with 99.98% of all claims paid out. Throughout the year, Royal London paid out over £13m to families...

To continue reading this article...

Join Cover

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around Covid-19, regulation, diversity and mental health.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Exclusive access to our fortnightly Protection insight mini-podcast.
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual PMI

Dr Samantha Roberts appointed NICE chief executive
PMI

Dr Samantha Roberts appointed NICE chief executive

Effective 1 February 2022

John Brazier
clock 20 December 2021 • 1 min read
COVER Excellence Awards Winners 2021 Special eBook now live!

COVER Excellence Awards Winners 2021 Special eBook now live!

Leading With Distinction

John Brazier
clock 17 December 2021 • 1 min read
Partner Insight: Are health insurers really slow and complicated to do business with?

Partner Insight: Are health insurers really slow and complicated to do business with?

That may have been valid years ago but is no longer the case

Gareth Jones
clock 16 December 2021 • 2 min read