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...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Falls at home represent most common type of accident

Falls at home represent most common type of accident

National Friendly research

Jaskeet Briah
clock 21 January 2025 • 2 min read
Risk of rejection causing one in 10 adults to stop protection applications

Risk of rejection causing one in 10 adults to stop protection applications

LifeSearch research found

Jaskeet Briah
clock 20 January 2025 • 2 min read
Mortality hits record low in 2024: CMI

Mortality hits record low in 2024: CMI

Death rates down in all age categories

Jaskeet Briah
clock 16 January 2025 • 2 min read