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Royal London paid out £124m in claims last year

  • 29/04/2016
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Royal London paid out £124m in claims last year
Royal London’s UK intermediary protection business paid out the majority of claims it received in 2015, which the provider says should boost confidence in the industry.

The intermediary division, formerly Bright Grey and Scottish Provident, paid 93% of critical illness (CI) claims last year, at a total of over £124m. Overall the firm’s UK protection businesses paid 98% of all claims received and made payments totalling more than £250m last year.

The top five reasons for CI claims were cancer, heart attacks, strokes, multiple sclerosis and children’s critical illness, with cancer making up the majority of these claims.

The average age for an adult claimant was 48 years old, with an average pay-out of £81,800 and the largest claim paid was for £750,000. The average age of a cancer claimant was 49 years old and the average age of a children’s CI claimant was 13 years old.

The intermediary business also paid 94% of income protection (IP) claims with an average pay-out of £10,145. The top three reasons for IP claims were musculoskeletal conditions, followed by cancer and mental health conditions, at 34%, 23% and 18%, respectively. The average claimant was 43 years old, 60% were male and 40% female. Over 40% of claimants had held their plan for four years or less and the average time a claim had been in payment was just under five and a half years.

Debbie Kennedy, head of protection for Royal London Intermediary, said: “Our latest claims data provides reassurance that claims are paid and should help boost confidence in the industry. However claims data is only part of the story and it’s important we focus on the people behind the statistics.”

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