AFM members pay out £91.5m in IP claims in 2024

Pay out rate of 94.1%

Jaskeet Briah
clock • 2 min read

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...

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 Insurer

New global chief underwriting and claims officer for Pacific Life Re

New global chief underwriting and claims officer for Pacific Life Re

Jia Yi Tan appointed

Cameron Roberts
clock 08 January 2026 • 1 min read
L&G retail updates underwriting process

L&G retail updates underwriting process

Application simplification

Cameron Roberts
clock 08 January 2026 • 1 min read
The Exeter appoints James Shepherd to board

The Exeter appoints James Shepherd to board

Joins as non-executive director

Jaskeet Briah
clock 08 January 2026 • 1 min read