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Aviva pays out 99% of all life insurance claims

Aviva pays out 99% of all life insurance claims

Category: Insurance

Updated: 29/04/2013
First Published: 29/04/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The UK's largest insurer paid out a total of £475 million in life insurance, critical illness and income protection claims last year.

Figures released by Aviva have shown the number of life insurance pay outs rose annually by 385 to 10,880, whilst a total of 1,716 critical illness (CI) claims were paid to customers, 148 more than in 2011.

The average payment for a CI claim rose annually by £2,908 to £76,499.

Around 99% of all life insurance claims were paid out, although 0.7% of claims were declined due to non-disclosure.

The number of income protection (IP) claims reduced slightly from last year, with 1,130 individual claims paid out by Aviva compared with 1,227 in 2011. Psychiatric conditions accounted for 30% of all claims, with the average age of a female claimant standing at 52 and 55 for a man.

Robert Morrison, chief underwriter for Aviva, said: "Our latest figures are great news for all families who have protection or are thinking of taking out cover.

"Protection policies are the types of products no-one ever wants to claim against, but the financial comfort they offer at a difficult time cannot be underestimated."

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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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