£7.34bn paid out in 2023: ABI

The figure represents a payout of approximately £20.1 million per day in 2023. Individual policies represented £4.85bn in payouts across 2023, comprising of 275,000 life insurance, income protection and critical illness claims, according to the organisations. This represents a 5% increase in the number of individual claims paid and a 14% increase in the total value of claims paid compared to 2022. Critical illness claims rose in valuation across the year, rising to a total of £1.2bn, a 13% rise compared to 2022 data. The average amount of a claim was £67,267, Cancer remained the most ...