AIG Life reveals 2015 CI statistics

clock • 1 min read

AIG Life paid 91.4% of critical illness claims it received in 2015, an increase on the previous year, and paid over £15.6m to its customers.

The average age of our claimants was 45 years old and the biggest claim paid was £720,000.

Cancer made up the biggest percentage of claims paid at 53% although child claims made up 14% of all claims.

Of the claims declined, 4.3% didn't meet AIG Life's definition of the condition they were claiming against. Some 4.3% claims were declined as a result of misrepresentation.

The top three medical conditions suffered by AIG Life policyholders continue to be cancer, heart attack and stroke, and amounted to 78% of critical illness claims paid.

John Downes, head of claims & underwriting at AIG Life, said: "We are delighted to support our customers when they need us the most. The percentage paid is in keeping with the maturity of our portfolio.

"As well as the major causes of claim you would expect to hear of, we also paid claims where people have suffered with Diabetes Mellitus Type 1, cardiomyopathy, encephalitis or where someone has been in a coma - outlining the breadth of coverage we offer."

In addition to claims paid, 60 customers also accessed AIG Life's Claims Support Fund which paid up to £300 for services that support the person covered or their family while we are processing a valid claim.

Most support payments were made to customers to manage the cost of attending hospital appointments. 

However, AIG Life also supported the purchase of motorised chairs to aid standing/sitting, nutritional advice for a multiple sclerosis claimant and additional rehabilitation following heart surgery.

Downes added: "These are the real people stories. These customers need funds often at short notice and we are proud that AIG Life offers this unique support."

AIG also paid out 90% of life insurance claims received, totaling £19.1m.

More on Critical Illness

Aviva boosts critical illness offering

Aviva boosts critical illness offering

Includes elements of AIG’s proposition

Jaskeet Briah
clock 18 November 2024 • 3 min read
FCA launches market study into pure protection

FCA launches market study into pure protection

Broad remit for investigation

Cameron Roberts
clock 28 August 2024 • 2 min read
Core vs comprehensive CI

Core vs comprehensive CI

Question of quality

Alan Lakey
clock 13 August 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read