Scottish Widows pays out £243m

Claims data from the provider

Cameron Roberts
clock • 2 min read

Protection provider, Scottish Widows, has released its claims statistics, which show it paid out over £243 million in 2023 at a 98% pay out rate.

The total claims pay out has increased by 22% compared to 2022 according to the provider. Life Insurance paid out the majority of this, with the total amount paid being £149m, up 32.4% from £113m in 2022. Of Life Insurance claims, the average payment was £57,000, which was 6.7% more than 2022. Of claims by women 36% were result of death from cancer, compared to 27% of men. Of male claims, 28% were due to heart-related claims, compared to 10 for women. The average life claim paid was £57,137 and the highest individual claim paid was £5m Critical Illness Of the critical illness cla...

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

Cameron Roberts
Author spotlight

Cameron Roberts

More from Cameron Roberts

A case for PMI

More on Insurer

AIG Life pays out £394m for claims in 2023

AIG Life pays out £394m for claims in 2023

95% of claims paid

Jaskeet Briah
clock 04 June 2024 • 2 min read
PartnerRe joins GRiD

PartnerRe joins GRiD

Reinsurer becomes member

Cameron Roberts
clock 04 June 2024 • 1 min read
Scottish Widows pays out £243m

Scottish Widows pays out £243m

Claims data from the provider

Cameron Roberts
clock 29 May 2024 • 2 min read