A total of £5bn in claims was paid in 2017, according to figures from the Association of British Insurers (ABI) and Group Risk Development. This sets another record breaking year for payouts, an increase of over £340m on 2016.
An impressive £13.9 million pounds was paid out to policyholders, including critical illness, life assurance, and income protection. The total percentage of payouts on claims reached 97.8, helping to break through assumptions about reliability.
The combined value of critical illness claims paid passed the £1bn mark for the first time ever recorded, with an average payout of £73,000. Experts see the figures as great news, as more of those struck down with a serious illness or injury are supported financially and by the added benefits of care and advice.
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