Royal London pays out £631 million in 2022

The mutual insurer paid out 99.4% of claims to nearly 80,000 customers across life insurance, critical illness (CI) and income protection (IP). Whole of life again represented the majority of pay outs by Royal London at £312m, with the average claim at £4,211. Overall, 99.9% of claims were paid in 2022 to over 74,000 claims. Over £182m was paid out across life insurance and terminal illness claims, down by 4.5% from £174m in 2021. Over 2,000 claims received a payment, and the average claim was £86,500. Pay outs for IP claims in 2022 dropped by nearly half (46%) to £2.5m, compared t...