Protection industry pays out £6.2bn on 2020 claims

Up 8% on 2019

John Brazier
clock • 2 min read

Record figures released by Association of British Insurers (ABI) and Group Risk Development (GRiD)

The insurance industry paid out more than £6.2 billion in protection claims during 2020, a year-on-year increase of more than £438 million, the yearly figures show. The percentage of claims paid has stayed largely consistent at 98%, compared to 98.3% in 2019, which was the highest on record. Over £3.4bn in life insurance claims were paid in 2020, an increase of £349m on the previous year. The average payout on term life insurance policies (individual and group) was £79,304. Claims payouts for critical illness during 2020 were recorded at £1.13bn, a 6% fall in the number of critical...

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 Individual Protection

CMI predicts rise in life expectancy

CMI predicts rise in life expectancy

All-age mortality in 2025 was the lowest on record

Jaskeet Briah
clock 10 March 2026 • 2 min read
Third of adults have no end of life preparations

Third of adults have no end of life preparations

Aegon research findings

Jaskeet Briah
clock 09 March 2026 • 2 min read
Income protection held by 14% of UK adults: Iress

Income protection held by 14% of UK adults: Iress

19% were 'adequately' protected

Jaskeet Briah
clock 04 March 2026 • 2 min read