Members of the Association of Financial Mutuals (AFM) paid out more than £91.5m in income protection (IP) benefits to their respective members in 2024, compared to £70m paid in 2023.
The data reflects reporting from British Friendly, Cirencester Friendly, DG Mutual, Holloway Friendly, LV=, Metfriendly, PG Mutual, Shepherds Friendly, The Exeter, Transport Friendly, Wesleyan and Wiltshire Friendly. The average value of claims paid across all providers was £29,948, with AFM members having provided rehabilitation to help 380 members recover. Around 9,420 new claims were made during 2024, of which AFM members paid out 94.1%, compared to 92.1% in 2023. Of its new claims in 2024, 558 (5.9%) were denied, the AFM told COVER. Of these, 52% were rejected due to a non-disc...
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