Protection pay outs reach almost £6.9 billion in 2022

According to ABI and GriD stats

Jaskeet Briah
clock • 2 min read

Protection pay outs for both individual and group protection policies hit a total of £6.85 billion in 2022, according to the Association of British Insurers (ABI) and industry body Group Risk Development (GRiD).

This is a marginal increase from a "record" £6.8 billion of pay outs by protection providers in 2021. Overall, providers paid out 97.5% of new claims in 2022, which ABI and GRiD noted has been a consistent figure since 2017. For over half of denied claims, customers failed to inform their insurer of "key" details about themselves or their circumstances when they took out the policy.   A total of £4.6b was paid out across 287,000 individual polices for life insurance, income protection (IP) and critical illness claims last year, while group policies paid out £2.2b in claims. The ave...

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

Jaskeet Briah
Author spotlight

Jaskeet Briah

Reporter

More on Individual Protection

Claims and Underwriting: Claiming after an induced coma

Claims and Underwriting: Claiming after an induced coma

"Chasing the wrong definition"

Jaskeet Briah
clock 09 January 2025 • 6 min read
Third of young adults turn to influencers for financial education

Third of young adults turn to influencers for financial education

Young adults "unprepared for common financial situations”

Jaskeet Briah
clock 08 January 2025 • 2 min read
Personal finance positivity increases for 2025

Personal finance positivity increases for 2025

Top financial concern was ‘unexpected expenses’

Jaskeet Briah
clock 08 January 2025 • 2 min read