Claims statistics: A reminder that the protection industry is not the sole preserve of insurers

clock • 2 min read

Alan Lakey defends the publication of claims statistics and argues that insurers should go much further.

There has been much recent talk concerning the release of claims statistics.  The word is that some insurers and reinsurers are looking to end the practice as they believe it causes more harm than good.   Such a viewpoint raises numerous questions that touch on transparency, reasonableness and, not least, ethicality. Some years back I heard an ABI spokesman arguing that critical illness claims stats were being used to denigrate the industry and the product.   His logic was that rather than focus on 75% claims paid the media zoomed in on the 25% not paid.  I considered this a specio...

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 Critical Illness

Partner Insight: When illness changes work, financial plans need to adapt

Partner Insight: When illness changes work, financial plans need to adapt

Rethinking financial resilience when work changes rather than stops — by Lesley Barsanti, Scottish Widows

Lesley Barsanti, senior product owner, protection platform, Scottish Widows
clock 28 September 2026 • 4 min read
Guardian updates proposition and policy T&Cs

Guardian updates proposition and policy T&Cs

CI ‘survival period' reduced for new policyholders

Jaskeet Briah
clock 15 June 2026 • 3 min read
Guardian launches Critical Illness Essentials

Guardian launches Critical Illness Essentials

Two products launched

Cameron Roberts
clock 04 June 2026 • 2 min read