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Aegon UK pays 93% of IP claims

  • 10/03/2014
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Aegon UK pays 93% of IP claims
Aegon UK has revealed it paid just over 93% of income protection claims received, an increase of 10% on the previous year (83%).

In 2013, Aegon UK paid out a total of £342,100 in income protection claims to a total of 27 customers.

Of the 29 claims received, two were declined. One was declined due to not meeting the definition and one was due to misrepresentation, the insurer said.

Representing 28% of the claims, cancer was the top reason for claim followed by musculoskeletal related conditions (21%).

Dougy Grant, protection director at Aegon UK, said: “The low number of claims we continue to receive on this type of protection policy can impact the figures dramatically. With only 29 claims received last year, a single decline can make all the difference, so while this year we see an increase in the number of claims paid, it will only take one declined claim next year to completely change our story.

“However, while we don’t believe this data can provide any meaningful like for like comparison, we continue to share it for the sake of complete transparency for both advisers and customers.”

Income protection sales represented less than 2% of Aegon UK’s overall protection sales in 2013.

These figures have been compiled using the ABI guidance for calculating claims statistics.

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