Individual protection pay outs up 9% on average in 2021

ABI and GRiD statistics show

Hemma Visavadia
clock • 2 min read

The average individual protection pay out sum for critical illness, life insurance and income protection products increased by 9% in 2021 to £14,994, according to the Association of British Insurers (ABI) and Group Risk Development (GRiD).

During the period, a total of £6.8 billion was paid out in individual and group protection claims, with pay outs for Covid-19 related individual claims growing to £261 million in 2021, due to a 69% increase in term assurance claims, where the average payment was £69,760.   For both group and individual protection, 296,071 new claims were paid out in 2021, with a total paid value equating to £6.8 million. For Total Permanent Disability claims, ABI recorded 378 new claims being paid out, with an average value of  £74,209 per claim, while Whole of Life new claims reached 229,586, with th...

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