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Legal and General pays £921m in retail protection claims in 2023

  • 27/03/2024
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Legal and General pays £921m in retail protection claims in 2023
Legal and General’s total retail protection claims, which includes life insurance, income protection and critical illness, came to £921m in 2023.

The lender said that this is a £37.9m rise in claims paid compared to 2022.

Legal and General said that there were 18,696 claims paid across its protection product offering, which is 5% up on the prior year.

The company stated that, over the past five years, Legal and General paid out over £4bn in claims to its protection customers.

Legal and General said that claims with a combined value of £765,000 were paid to customers who had previously considered cancelling.

The firm said that this showed its “commitment to ensuring its customers have the cover in place to secure the best outcomes for each individual”.

David Banks, director of claims and underwriting at Legal and General Retail – which recently reshuffled its executive team – said: “We are proud of our claims-paying record and the ability to help individuals and their families during their time of need. We have supported more people than ever in 2023, demonstrating the value of protection, especially at a time of rising living costs and financial uncertainty.

“At Legal and General, we’re committed to ensuring more people have and keep their cover in place. Our customer story shows that communicating the value of protection throughout a person’s journey, and not just at the point of sale, can contribute to better customer outcomes.

“Beyond paying the claim, we also offer our customers extensive umbrella benefits – a package of value-added services and optional benefits. Our additional wellbeing services include a range of emotional and physical health support, all of which can have a positive impact on our customer’s lives before, during and after a claim.”

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