Insurers paid out £8bn in protection claims in 2024

An equivalent of £21.9m was paid out to those experiencing bereavement, illness and injury every day, the industry bodies detailed. Overall, providers paid out £5.32bn across individual life insurance, income protection and critical illness policies in 2024. This marks a 10% increase compared to 2023, although the number of individual claims remained steady last year at 275,000. The average claim paid increased by 10% to £18,700 compared to £17,100 in 2023, with 97.9% of claims paid. The proportion of new individual claims paid has remained at or above 97.9% over the last decade. ...