Association of British Insurers (ABI)1 figures show that the insurance industry paid out £6.2bn in life insurance, critical illness and income protection claims in 2020, which averages £17m a day, the highest combined figure on record and up 8% on 2019.
Reassuringly, 98% of all claims were paid, virtually unchanged from 98.3% in 2019. Charlie Campbell, ABI Manager for Health and Protection said, “The pandemic reinforced just how valuable the protection provided by insurers has been. The high number of claims paid should give people confidence they can trust that their insurance provider will be there when they need them.”
We can help you find protection cover to suit your budget, so please don’t hesitate to get in touch. As with all insurance policies, conditions and exclusions will apply. 1ABI, 2021
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