Protection pay outs reach almost £6.9 billion in 2022

According to ABI and GriD stats

Jaskeet Briah
clock • 2 min read

Protection pay outs for both individual and group protection policies hit a total of £6.85 billion in 2022, according to the Association of British Insurers (ABI) and industry body Group Risk Development (GRiD).

This is a marginal increase from a "record" £6.8 billion of pay outs by protection providers in 2021. Overall, providers paid out 97.5% of new claims in 2022, which ABI and GRiD noted has been a consistent figure since 2017. For over half of denied claims, customers failed to inform their insurer of "key" details about themselves or their circumstances when they took out the policy.   A total of £4.6b was paid out across 287,000 individual polices for life insurance, income protection (IP) and critical illness claims last year, while group policies paid out £2.2b in claims. The ave...

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

Fifth of adults without a long-term financial plan

Fifth of adults without a long-term financial plan

Scottish Friendly research

Jaskeet Briah
clock 11 August 2026 • 2 min read
Government to launch up to 159 NHS mental health centres

Government to launch up to 159 NHS mental health centres

The Department for Health and Social Care (DHSC) has announced the launch of up to 159 new NHS mental health facilities across England.

Jaskeet Briah
clock 07 August 2026 • 2 min read
Protection APE up across the board: Gen Re

Protection APE up across the board: Gen Re

Protection pulse Q1 update

Cameron Roberts
clock 06 August 2026 • 1 min read