Value of protection claims hit a high

In 2023, a record total of £7.43bn (group and individual) was paid out by insurers to support individuals and groups who experienced an injury, illness or a bereavement*.

Insurers paid out a total of £4.85bn in claims to individuals – a 14% increase compared with 2022. The average individual claim went up by 9% to £17,053, with 98% of individual claims resulting in a payout.

The total number of critical illness claims rose by 10% year-on-year, while the total value of these claims increased to £1.2bn – 13% higher than 2022. Cancer continued to be the most common reason for making a critical illness claim.

Having the right protection in place could be a lifeline during difficult times – get in touch for advice today.

As with all insurance policies, conditions and exclusions will apply

*ABI and GRiD, 2024

Image: ©[@prostock-studio] via Canva.com

22 November, 2024

More news

11 December, 2024

A concerning report has revealed that three in 10 young homeowners are going without life insurance*

An estimated 1.7 million mortgage holders aged 18-40 have not safeguarded their family’s financial future. If they were to die, their loved ones could be left to cover the cost of the mortgage thems

9 December, 2024

Consumers are continuing to rebuild their confidence, with mortgage approvals hitting the highest le

In July 2024, there were 62,000 new house purchase mortgage approvals – a 2.3% monthly rise and the greatest number since September 2022, when there were 65,100 approvals. Consumer mortgage lend

6 December, 2024

It’s not easy thinking about what might happen if you became seriously ill. But planning for the w

The harsh reality No one wants to believe it would happen to them. But in 2023, the number of critical illness claims rose by 10%1 and the value of individual claims rose by 13%, hitting a record £1.