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The Exeter pays out nearly £10m in income protection claims in 2022

  • 04/05/2023
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The Exeter pays out nearly £10m in income protection claims in 2022
The Exeter paid out £9.9m in income protection claims to members last year down from £10.5m in 2021.

According to figures shared by the lender, the company paid out on 92 per cent of its new claims received from members.

Around 40 per cent of claims were due to musculoskeletal conditions, 16 per cent were attributed to Covid-19 and hip or knee conditions came to seven per cent.

The lender made 1,336 final decisions in claims in 2022, which is higher than 1,318 decisions recorded in 2021.

The insurer did not pay out 107 claims, with the main reason for rejection attributed to misrepresentation where questions were not answered correctly at the point of application.

The average age of claimants was 36-years-old on its income first product, compared to 48-years-old for legacy products.

The firm said that this showed how income protection was being increasingly used by younger workers to provide financial security.

Claire Hird, The Exeter’s customer service director, said: “Whilst it’s important to share our income protection claim statistics with the market, it’s just as important to remember that behind every claim there’s a member; someone who has looked to us to provide support and reassurance during a difficult time.

“In 2022, we assessed over 1,300 claims from our members, each of whom is an example of how illness or injury can impact our ability to earn a living.

“With the average income protection claim for both limited and full-term benefit policies lasting almost 90 weeks, and our longest claim being paid for over 25 years, our statistics show the vital role that income protection insurance plays in giving our members peace of mind and financial security.”

Vikki Jefferies, Primis’ proposition director, added: “The figures announced by The Exeter today highlight the necessity of protection insurance for people of all ages and demographics, and particularly for homeowners who would otherwise be left unable to make mortgage payments.

“The numbers above clearly demonstrate The Exeter’s commitment to making sure their clients are supported when they most need it, something that greatly aligns with our goal at PRIMIS of ensuring our proposition provides quality protection products and services for both AR brokers and their customers.”

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