The Exeter paid out a total of £9.9 million to income protection policyholders throughout 2022, with the majority of claims made for musculoskeletal reasons.
The insurer paid out on 92% of all IP claims received in 2022, comprising a total of 1,366 final decisions on claims. The Exeter detailed that for the 107 claims that were not paid out on, the most common reason was due to misrepresentation. The most common reason for claims were musculoskeletal conditions (40%), followed by Covid-19 (16%), and hip or knee conditions (7%), the insurer stated. The Exeter also detailed that the average age of claimant on its Income First product was 36, compared to 48 for its legacy income protection policies, which the insurer stated demonstrates th...
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