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...

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