You are here: Home - News -

Royal London announces 2014 claim figures

  • 06/05/2015
  • 0
Royal London announces 2014 claim figures
Royal London paid out more than £190m in life and critical illness claims last year.

The company’s UK intermediary protection business, which includes Scottish Provident and Bright Grey, paid out £132m in critical illness claims with around two-thirds of claims being for cancer. Heart attacks accounted for 13% of claims and strokes 6%.

During 2014, 94% of all critical illness claims were paid with just 1% declined for non-disclosure.

The largest pay out was just over £900,000 while the average claim was £87,069. The average age of a claimant was 48-years-old while the youngest adult to claim was 24-years-old.

Life cover claims totalled £58m for the year with 98% of claims paid.

Debbie Kennedy, head of protection proposition for Royal London’s intermediary division, said: “All too often the public only get to hear about those cases where claims have been declined, but with just 1% of our critical illness claims being rejected for non- disclosure, consumers can be confident that their claim will be paid.

“It is also interesting to see that once again the same four illnesses account for nearly 90% of all the critical illness claims that were paid in 2014. This is why we continue to focus our definition enhancements on the most common reasons for claims so that we can add real value and be able to pay even more claims in 2015.”

There are 0 Comment(s)

You may also be interested in