AFM members paid out 94% of IP claims in 2021

Totalling £34 million

John Brazier
clock • 2 min read
AFM members paid out 94% of IP claims in 2021

Members of the Association of Financial Mutuals (AFM) paid out a total of £34 million on income protection claims during 2021.

The pay out level of 94.1% last year represents a minor increase on the total volume of claims paid out on in 2020 (93.9%). While pay outs on IP claims were made to around 10,300 policyholders throughout the year, including nearly 8,200 new claimants, there was a 17% year-on-year decrease following a spike of new claims made in 2020. The AFM noted that Covid related claims accounted for 20% of all claims last year, compared to around 25% in 2020. The value of claims paid out fell by ...

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