Updated: Income protection claim paid rate drops as ABI changes methodology

clock • 6 min read

The Association of British Insurers (ABI) has changed its methodology for publishing protection claims stats with income protection claims payments experiencing a decrease compared to the previous way of reporting claims paid.

The ABI has decided to change how it measures the percentage of claims paid for Individual Income Protection products, so that this now reflects only new claims received during the year that were paid and declined. The previous measure also took into account all claims in payment, and decisions made regarding these claims. The figures are now more in line with GRID methodololgy for the group sector. The focus will be on actual new claims paid rather than total in-payment claims, the latter of which includes historic data. As a result this year, the figures show a drop in individual...

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