Insurer, Scottish Widows, released its claims statistics for 2024 at its Claims Connected event, listing £236.6 million paid out in claims across the 12 months.
The claims pay out rate was 98% in 2024, made up of 99.1% of life insurance claims paid out and 91.8% of critical illness (CI) claims paid out. Over 11,500 customers received a pay out in 2024, made up of 9,939 life claims and 1,609 CI claims. This number of claims totalled £141.4m paid out in life claims and £95.1m in CI claims. The amount paid out by the insurer slightly decreased year-on-year, in 2023 it paid out £243m. The rate at which claims were paid in 2024 stayed steady compared to 2023, both reporting a 98% claims paid rate. Cancer was the biggest reason for claim across ...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- 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.
